What types of small businesses are best positioned to get loans today?
Not surprisingly, Banks now have to be extra-diligent about their lending practices, as many small business have recently felt, sometimes that feels like it means, ‘no more lending, period.’ However, banks as well as the US Government are strongly supporting lending to small businesses. According to my discussion with Chevy Chase, here are the types of companies with the best shot at getting a loan, at this time: • Companies that have been in business 3 years or more • Companies that operate in a B2B environment – selling to other businesses rather than to consumers • Companies that can also demonstrate strong personal credit history • Companies that are selling to the US Government – Government contractors with more than just 1 contract For companies that have less than 3 years experience, exceptions can be made – for example, companies that are ‘professional groups’ – for example: accountants, doctors, dentists, lawyers, or industry experts – are often exempt. And additionally, compa
