When I was first looking for funding I didn’t realize that there was more then just a good business plan. As I was told by the bank I don’t have the backing or the knowledge to get a loan at that particular time, I was stunned that they would turn me down and I just was unaware of all the little details that were needed.
What I found was the banks like established companies rather then the new businesses and that even though there is an SBA loan; the banks don’t have to give you a loan. I also found that the SBA has what they call green, yellow, and red banks. Green being the best ones for new businesses to try and red banks are ones that have enough business and money that they just don’t need the small person’s loan.
Another thing that I found is the banks not only do personal credit checks but they do D & B credit checks.
D & B was something that I never thought about. Now I am looking at spending the $500 to get them to go to the 5 wholesalers I have done business with to get a credit rating established.
Does anyone have any background with this company and is it important that I establish myself with them (in the terms of spending money)? I know it is nickels and dimes in every direction but I want to minimize costs that are not needed, but they seem to be an important factor when it comes to my loan process.
Rachael Theragood No one can make you feel inferior without your consent. ~~Eleanor Roosevelt~~