Bank loans are becoming increasingly difficult to secure, leaving thousands of entrepreneurs confused, discouraged and wondering how to move forward. Enter alternate lenders, organizations created to help business owners raise the capital necessary to pursue their goals without needing a bank loan.
LeaseQ CEO Vernon Tirey and co-owner of SteadFast Fitness and Performance, Isaiah Stanback, spoke with NCR Silver to offer tips for small business owners on seeking nonbank financing.
“The more you speak with people who are successful in business, the more you realize no one uses their own funds and resources exclusively,” Stanback said. “It may be difficult at times. I had to really fight with myself because I hate asking for things, but seeking financing to expand your business is a savvy and smart decision.”
“Don’t allow banks to run your credit unless they can pre-approve you in some form or fashion, and provide your own comprehensive credit bureau report whenever possible,” Stanback said.
To read the entirety of Vernon and Isaiah’s advice, visit: https://www.ncrsilver.com/how-to-raise-capital-without-a-bank-loan/