Read Now Make Banks Compete to Lend You Money DOC
YOU KNOW THE expression, “It takes a village”? Applied to the business world, that might be tweaked to say, “It takes a village – and a loan.” Today, it’s virtually impossible to grow a business without reaching for outside capital. Of the nearly 2 million small businesses in the USA, almost all will need to seek additional capital from outside sources sometime during their growth. According to the Federal Reserve Board, nearly 67 percent of all businesses, regardless of size, borrow money from traditional sources such as banks. Despite the financial crisis of the recent years, banks remain the largest single source for business loans. The bad news: It’s harder to get a loan now than at almost any time since the Great Depression. The good news: If you qualify, you can get rates and terms as low as at any time within the last 60 years. It’s like an exclusive club: Hard to get in, but once you do, it’s a great place to be.
