It is possible for struggling businesses to get business loans and there are a number of ways to do so. However, it is important to qualify for financing first and foremost since that is the only way in which lenders will actually end up giving a business loan to a struggling business. Qualifying for Business Financing
Business Loans Questions
Oct, 29, 2013
Oct, 18, 2013
Business owners can get approved for a business loan after bankruptcy but it depends heavily on several factors such as the level of risk, the type of business and the current lending conditions. A personal bankruptcy filing will remain on a consumer’s credit report for seven years. This mark will create more tension for future borrowing opportunities, but it does not prevent a consumer from participating in the financing world.
Oct, 8, 2013
The government shutdown will hurt businesses due to halted government transactions, delayed new campaigns, and limited access to capital. A recent Manta poll shows that owners are worried about how the shutdown and debt ceiling limitations could impact their bottom line. The poll of 1,000 small business owners found that only 40 percent are in favor of the government shutdown. Additionally, 60 percent believe it will have a negative effect on the economy. Loans.org spoke with business owners across the country about how the shutdown can and will impact their business.
Jun, 12, 2013
Crowdfunding is the practice of raising funds for a project from a group of people. It has become a very common method of financing thanks to a whole host of crowdfunding startups and media coverage.
May, 31, 2013
Borrowers can get a business loan if they are unemployed but there are multiple facets impacting their chances of approval. Rob Schmidt, founder of 29doors.com and a former commercial banker, said securing financing while unemployed is “difficult but not impossible.” He said most lenders follow the “five C’s” for underwriting loans: character, capacity, capital, collateral, and conditions.
May, 21, 2013
There are several ways that business loan borrowers can reduce their payments if their business is struggling. Businesses have been intensely competing in the ongoing recovery, making business loan repayment a sometimes difficult feat. In order to find out the best ways that borrowers can reduce their payments and to learn more about the difficulties faced after borrowing business loans, loans.org spoke with a commercial lending expert.
May, 20, 2013
There are a number of government and independent organizations devoted to assisting female entrepreneurs with funding new businesses. Women should also look into start-up incubators, venture capitalists, angel investors, crowdfunding and, of course, applying for traditional business loans. Government organizations
May, 9, 2013
Yes, you can get a business loan to start a franchise. However, it is not necessarily an easy or straightforward path. Rick Bisio, former Director of International Business for Cinnabon, Popeye’s Chicken, Church’s Chicken, and author of The Educated Franchisee, told loans.org that there are different ways to get a business loan.
May, 8, 2013
It is unlikely that an ex-felon will gain approval for a standard business loan. Typical bank financing is usually out of the question. The Small Business Administration (SBA), the main loan guarantor for business loans in the United States, is particular about the recipients of their funding. The SBA will not lend to borrowers who have committed crimes of “moral turpitude.”
Apr, 10, 2013
If you declare bankruptcy, your business loan does not have to be repaid by you. However, it must be repaid by your business, which is a separate legal entity. Attorney and founder of LakeLaw, David P. Leibowitz, told loans.org that in the event of bankruptcy, lenders usually try to accelerate business financing in an attempt to reclaim their money. However, legal protections typically favor borrowers. “If an individual files a bankruptcy case and has business loan debt, that debt typically will be discharged just like any other debt,” said Leibowitz.