Banks often turn down small business owners when they request a loan. This is sometimes due to the fact that banks do not make as much profit as they would like on loans given to small businesses.
According to banks’ Federal Regulatory Filings, 10 of the largest banks lent approximately $44.6 billion in 2014, and the trend of diminishment from 2006 when banks issued around $72.5 billion in small loans is more than visible.
It turns out that small businesses, when banks are concerned, simply do not bring enough profit. Businesses both big and small require money to be operational, to develop and to stay alive. Traditional banks have strict regulations, so nowadays not many small businesses succeed in getting a bank loan they need. Small businesses require dedication, commitment, and discipline in order to grow, to expand and to thrive. But all this dedication and commitment may go to waste if the business is not well funded.
Sometimes, due to a miscalculation, a mistake is made and at first, it may seem as that mistake has done tremendous irreparable damage. It is normal to fail sometimes – no business owner can say that their business had only ups and never downs. It is normal to lose focus or to make a decision you thought was right but turned out to be bad for business. These things can happen on a daily basis, and they are even more regular when you wish to bring your idea to the world. But not all hope is lost. There is still a good chance a small business loan is able to repair the damage inflicted to your business.
Perhaps the time has come to take your approach one step further – you want to expand and increase your capacities. Or you want to further develop your small business into something stronger, larger and better. But these expansions cost, and you may not have all the necessary funds at hand at the moment you decide. Small business loans are here to help you make your next step and provide you with the funds you need in order to grow your business further.
These are some examples when small businesses have to turn to other means of funding and lending. This is where alternative means of lending come in. The alternative lenders are willing to, in many cases, step outside the boundaries many banks hold tight to, such as the loan being too small, or the business in question has not been operating for more than two years, or the business even has bad credit. Surely, all these factors have an influence on the small business loan, but they are not exclusive, which is more than enough reason to seek help in small business loans from alternative lenders.
EML Capital Group has an experienced staff of Financial Advisors that have a deep understanding of the business terrain and what it takes to help get your business where you need it to be.
We are here to help. Feel free to give us a call anytime at 1-844-EML-FUND (365-3863), or learn more online at www.emlfunds.com.