We are all familiar with the adage “anything which sounds too good to be true probably is”; yet, in times of desperation a quick fix is a powerful temptation, and this truism can quickly fly out the window. Whether your tummy is growling at 3pm and happen to pass by an enticing candy bar, or are strapped for cash for your growing business, it is important to remember these words: “free cheese is always available in mouse traps”.
Today we are seeing a booming industry of independent brokering businesses promising $50-$750K for your business in as little as 24 hours! Sounds fantastic right? Sign me up! However, one of the biggest downsides of these loan options is they are typically brokered and rebrokered all around without the necessary and thorough evaluation of the business by an expert. In the end, borrowers end up paying an extremely high-price for a quick same-day loan, without the consideration of all options from an experienced business and financial expert, who also has an invested interest in helping the business succeed in the long run. For small businesses in need of financial assistance, and are unable to obtain a loan from a traditional bank, it is extremely important to take the time to evaluate ALL of your options thoroughly and find trusted experts for sound advice. The goal should be to grow the businesses credit over the long-term, in order to ultimately be eligible for bank loans at the lowest possible rate, and not put a temporary band-aid on the problem.