Does your business need to replace equipment? Are you searching
for a lender? There are endless possibilities for commercial financing these
days. With so many choices, how do you
sort through them with the confidence you are making the correct decision?
These seven questions
will help make your decision easier:
1. Do I need a traditional big bank with
unlimited capacity or would a
smaller community bank or perhaps
non-traditional lender provide enough capacity?
2. Do I prefer an on-line application or a face-to-face experience?
3. Is an existing relationship best or someone new?
4. Should I seek a provider with the
lowest rates along with possible fees and charges or a fair rate with no surprises?
5. Do I need a quick credit decision
(less than 10 minutes) or would a
processed decision based on mutual respect, trust, and communication be fast
6. Is this a one-shot deal or is it better to line up future
financing with a trusted partner or many deals over many years?
7. Am I okay with a lender who will plug
my company’s financial statements into their credit scoring model or one who will look beyond the numbers
and ask questions to personally understand my story?
lender serves your needs best? How
important is pricing? What about trust, timeliness, longevity, integrity,
experience? How important is building a future relationship?
many choices for financing. Choose one that fits your needs.