Your Small Business Needs A Loan, But How Do You Choose A Lender?
Are you a small business owner who is seeking financial funding for your business? As an entrepreneur, finding the right lender is probably one the of most important decisions that you need to make. With a large number of small business lenders now available, it can be intimidating trying to navigate all the different options. As one of the top small business loan brokers in Atlanta, we can help! Here are a few things to consider in your search.
Why It Is Important to Find the Right Lender
Not only does a good lender give you access to capital that helps bring your business to the next level but they also provide you with valuable financial information. Unlike large banks who are notorious for charging extra fees or overwhelming clients with a large amount of paperwork, the right business lender offers you support when possible. Going the extra mile to help find financial solutions that work for your business, the right business lender has your best interests at heart and they would like to see your company prosper and succeed.
Tips for Choosing the Right Lender for Your Business
Whether you are in manufacturing or hospitality, as a business owner, you know that there are specific things that are only applicable to your industry. A lender who is knowledgeable of the industry that you are in would recognize the challenges that you may face and have the suitable resources to offer. Especially with seasonal industries like construction or agriculture, it is important to have a lender who understands the cash flow issue during a slow season and is willing to work with your situation.
When shopping for small business lenders, check for their certifications as well as their online reviews. These factors speak volumes of your potential lenders, so you need to make sure that they are accredited in the U.S. and go through their ratings on platforms like Google and Better Business Bureau. Also, reach out to other small business owners at your chamber of commerce or local networking group and ask about their experience with certain lenders before you decide to move forward with them.
Funding Speed and Customer Service
When you are tight on cash flow, you certainly would not want to work with a lender that takes months to approve your loan application. Therefore, look for those who offer excellent customer service and can help you move through the application process as fast as possible. Can you easily reach them through a variety of communication channels? Will they try to drown you in paperwork and keep delaying your loan approval? What are the extra fees? Ask yourself these questions in order to find the right lender for your business.
When it comes to traditional financial institutions, you often have to deal with rigidity and a high level of demand. Stellar credit score, well-established credit history, and plenty of collateral – not all small businesses can meet up to these standards. For that reason, you should focus on lenders who can offer favorable loan term and interest rate and is willing to work with financial circumstance though it may be less than ideal. A flexible lender makes a world of difference and they can help you achieve long-term financial success.
First Liberty – Your Trusted Small Business Loan Brokers in Atlanta
Since 1993, First Liberty Building & Loan has been one of Atlanta’s most trusted small business lenders. We are passionate about our local economy and work with dedication to provide the best financial solutions for your small business.
The experienced specialists of First Liberty are here for you. Have questions? Contact us today at 770-253-4300 or by filling out the contact form on our website. Connect with us on Facebook for updates.