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@ChrisFletcher Credit bureau reports comfe into play because most small businesses are closely held--few owners wielding significant over the operation. As such, their typically asked to personally guarantee their firms' debts, hence the background check. As for the business plan, sure, it's important to prospective lenders and investors, but it's also a vital exercise for entrepreneurs because it forces them to think through all that's involved in launching a venture. New biz ideas sound great--in our heads. The question is: can that great idea stand up to pen and paper?
1 year, 7 months ago on Expert Advice on Small-Business Lending
@Jessie Singh Thanks, Jessie. Small business folks need know this information, not only so they can prepare for their bank meetings, but also to negotiate more effectively. Good luck.
@Advantage Leasing Leasing is but one of the many different types of financing options small businesses should investigate. Unfortunately, though, the focus of this interview was limited to bank loans. My new book, Business Happens covers all the alternatives. It'll be published next month.