The Secret to Fast Small Business Loans

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Complete Video Transcript

0:10hello everyone this is David lockerbie and you want that car
0:12and they put together a quick training about bad
0:16small business well and what we’re gonna got the current market talk about some
0:19other things
0:20you go or and broke gotta got the ideal scenario
0:24running a business right how to act together so for things birth
0:28talk about the the current market budget about this
0:32all butter given generally you highly qualified %uh that
0:36strong plant foundation and are in a position to be approved quickly
0:40or law and usually have an established reputation
0:44with a particular financial institution back now
0:47for these loans lenders often have very different criteria for businesses that
0:52not out that steps reputation what can prolong the learning process
0:55you of taking away bat
0:58quite the fuck alone are also target
1:02advertising campaign or alternative lending company as they try to play on
1:06that path to
1:08you know you entering fastball long you’re searching for
1:11quite solution around talk about observer
1:15call carrying lookout for euro
1:18an hour to cover typical banker
1:22a financing company criteria for all about golf with the PLO
1:25which gonna be you need to fix it but
1:28business credit score a vote by penetrating
1:31which in order to acquire by bank ratings
1:35maintain whether about a dollar business back
1:38out for a period of 90 days that gives you a world by Bankrate
1:42now some banks and financial companies
1:45role up basically or be able to apply at that point
1:49and you meet your criteria but other bank suffered at all
1:53by some people actually require that you also mean pain
1:56up for an additional 90 days so it could be a three-month period or
2:00be a six month period and what about our because back
2:03you on an to have responsible business bank account
2:07which is no sufficient bonds or el cheque
2:10you have her Bible Capitol Records and they should be considered a
2:14and after starting to have a detailed business plan and your personal credit
2:18score
2:18to be about 680 those credit stout not for things to look out for
2:24when you’re searching for to about small business loan you’re sort of put
2:27yourself in a position to be marked it
2:29to by credit providers and support but
2:32was a but one business owner Rocco they
2:35oftentimes overload about terms because there were over I’m not going to lie
2:39because they can’t afford
2:40way which is understandable yeah but no one wants to be taken advantage %uh that
2:45that alternate landing happening they all chart
2:48that the higher interest rates the normal because
2:51they’re saying okay we’re going to get back to prove or are
2:55criteria mania traditional banks abide
2:58now just patient based on mitigating increased risk associated
3:02a quote for the day you know I you registry
3:05and other penalties or another thing but you look at work
3:09so be careful about the alternative when the company’s growth with marketing
3:13about small business law but during those high interest rate
3:16the please be sure that you your request in these cases
3:20full disclosure I P and interest rate penalties that are associated with the
3:24loan will be able to compare
3:25your at a profit margin as a direct result along to
3:28how much like so I mean transparently is
3:32then absolutely key here so for
3:36leading the prayer operators newspaper your loan
3:39initially birth you know exactly how much any and that
3:43me to be realistic and how much profit you’re gonna make
3:46as a direct result low have any
3:49served cutting that estimation hap to account for
3:54K so knowing how much any how much it’s going to you crop
3:58you in a realistic estimate and you want to cut out
4:02figure and how and the call alone is going to be
4:05me 30 per set up happy if they made a profit potential
4:09that you should keep looking for a better term because we absolutely
4:12believe that you can follow
4:14point especially if you follow the the the criteria to create the ideal
4:18scenario
4:19character hartson ask you want to discuss
4:24the ideal scenario we were similar questions about whether
4:28a specific Boehner lot of credit is the right
4:31financing decision for business and whether there would be other
4:34alternatives that would happen terms now
4:38the answer that question is difficult to predict given the variables on
4:41both the businesses and the underside so we would like to pose
4:45a better what which is what we bill business owners
4:48should be asking and that how do I find
4:52the past moms or like the credit where
4:55about terms her by that financial situation know that may seem obvious but
5:00if you spend any time researching up to this point you know help me
5:03financing company be when they’re trying to get you to apply for low
5:07and the reason is they don’t wanna the terror you upon lenders and financial
5:11advisers headquarters to me
5:13and the criteria sometimes a little bit more lenient them
5:16the other amal so if they put our criteria down on their
5:20occasion on the website they could lose the chance Requin
5:23birth and that means depends businesses applying
5:27to loans that they’re not qualify for or
5:30would be a good option for the business and their
5:33denied without much explanation wall so
5:37the solution and to the problem
5:40knowing your business responsibility from the start and understanding hack
5:43coincided with the specific money
5:45criteria prior to applying any longer like credit
5:49now that allows you to the make the necessary adjustments to ensure that
5:52your
5:52group prior reply so we strongly recommend
5:56but you require responsibilities or and you can do that by taking a
6:00shorter available for our website at the end you are not a cop
6:04and as a no cost to it’s a lot like looking at the exam
6:08the day before you have to take a you know exactly what you need to start
6:11now is it like a pet that uses the word or something that you have to study for
6:15but we call it because its a rating or scoring
6:19your business if you will and the study part comes when
6:22your fixing any other problems part meeting have the lenders
6:25at you actually apply for Laura
6:29now what part does it provide invaluable insight
6:33into your business’s financial foundation and it’s going to allow you
6:36to see exactly what moms
6:38or lines of credit that your pre-qualified were right now
6:42and it does that all without creating an inquiry on
6:45your credit report so if you were to go up quite a bottle of my
6:49credit to create an entry on your credit report you
6:52consistently do that negative that
6:55so unique advantage here is that you’re gonna
6:58seen your business frumpy lenders respected
7:01and you’re gonna know if there’s anything that should be corrected prior
7:05to applying for Laura
7:07now this creates the potential for that ideal scenario having multiple
7:11funding options available to you where you can pick the best terms
7:15for your business circumstance and help you determine exactly how
7:18to achieve that area but it all starts with a
7:22viability test which you can access to below the video
7:25so I think about 10 minutes of your time and
7:29it provides an extremely valuable resource for
7:32you getting that funny now we know your time is valuable
7:36so we promise not to wait what I think paper
7:39watching this video truly hope it has given you great insight
7:42on your next step to getting business planning
7:46this is David Bauder for BNG bombs and we will see you
7:49on the inside up

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