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Credit Crunch in 2009: How Do Business Owners Get Loans?
This year is starting off in a very rough way for many small business owners. Mid-size and large companies are all dropping proposed projects. The credit squeeze is on! Companies can't get the financing that they were relying on, deals aren't getting done, and the ones that really suffer are the small business owners that rely on the economics of the larger corporations.
Citi Bank just reported a $10 billion dollar loss. Other banks are in similar situations. Deals are just not going to be done the same way they were. (By the way, a $10 billion dollar loss is the equivalent to the ENTIRE economy of Iceland, or Jamaica). A $10 billion dollar loss is the equivalent to both the Republic of Congo and the West Bank being wiped out simultaneously.
So what are the small business owners doing to get out of this miserable downward spiral? How do you expand a business? Even hotter is the question on everyone's mind: how do you start a project or a venture? More and more, eyes and ears are turning to business credit. Not only the small business owners desperate for loans, but the financing companies themselves are turning to business credit. Dell Financial, for example, is the largest lender of custom computers to small business owners and they have started a major push in 2008 towards business credit based loans. Dell.com/bizcredit has published education material to help small business owners understand the importance of business credit and how to obtain credit lines under the business name.
Other major lending institutions are following Dell's footsteps and are joining alternative financing lenders in business credit based loans. If you are a business owner without a business credit profile, start now! This is the future to all lending, short term and long term.
Begin your search online for a business credit and business credit building service. Search for "strong business credit" (including quotation marks) via Google or Yahoo to find a company that is right for you. Expect to spend around $1,000.
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Who are Angel Investors?
Angel Investors provide a pooled investment offer for a startup, or booming expansion of a business.
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Who are Venture Capitalists?
Venture Capital is another form of raising financing for businesses of all sizes. Small business owners can secure business financing through venture capital.
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Business Loans
In the world of business financing and small business loans a business has the ability to build a credit score for itself that is not associated with personal credit.
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Background and Experience
Ilya Bodner
James W. Moore
Felipe Catano
Rob Rinaldi
Jaime Cardinal
Brandon Sarratt
Jonathan Linn
Tyler Pratt
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