Who’s Lending?

After my post on how to get financing, I thought I’d expand a bit on who’s lending these days.
1. First, you have to have a good purpose for the money, as I stated earlier. A one page summary, with tax returns will do.
2. Generally, money center banks (Wells, Citi, Chase and BofA) are NOT lending, except to larger small businesses, generally those over 50 employees, and ones they’ve lent to before.
3. Smaller regional banks, such as M&I, Regents, BBT, may be more likely to lend.
4. Community development banks, which are generally listed in your community as such if you Google them, are still lending, under special Federal programs.
5. The SBA (Small Business Administration) is still lending, but it’s got a backlog of applications, and a myriad of programs, so check the web site (www.sba.gov) to see what might work for you.
The bottom line: if you’re reasonably credit worthy, and you have a good plan, the money can be found somewhere.
Take our course E14, at www.theasoe.com for even more possibilities.

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