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Houston: 281-453-1556   Woodlands: 832-527-1184   Colorado: 832-823-3119 

 

OVER 95% OF OUR APPLICANTS ARE APPROVED! 

 

Business Loan Myths

Getting a small business loan can be complicated, but don't believe everything you hear about the process.  Here are a few business loan myths you should think twice about:

 

Myth No. 1: Getting a small business loan is the hardest thing you'll ever have to do.

While obtaining a loan for your small business is no easy feat, it doesn't have to be an insurmountable trial. The Belmont Franklin Group will prepare you for the challenges that applying for a small business loan may present.

While there are challenges, a lot of the frustration around obtaining small business financing can be eased by doing your due diligence.  We will have you prepared and have all your documents ready to present to lenders.

 

Myth No. 2: You have to have perfect credit to get a small business loan.

Good news for those who think that bad personal credit means never owning or expanding a business. While low credit scores might have been a non-starter in years past, today's lending environment is actually more open to subpar credit ratings than ever before. While traditional banks may be restrictive when it comes to obtaining credit, The Belmont Franklin Group offers alternative options.  WE APPROVE ALL CREDIT SCORES!  

 

Myth No. 3: You need "Business Credit" established in order to obtain a loan.

Absolutely NOT!  So many business owners are getting scammed out of their hard earned money thinking that if they spend $1000-$5000 for someone to build them business credit, this will enable them to obtain business funding.

BEWARE OF ALL THE SCAM COMPANIES ONLINE AND INDIVIDUALS OUT THERE TELLING YOU - YOU NEED BUSINESS CREDIT TO OBTAIN A LOAN!  Keep your money and use that money to build your business!  Lenders base lending decisions on the financial realities of a business NOT on your D&B or Paydex Score. Lenders take a close look at business performance, industry type, time in business and cash flow. 

 

These are just a few examples of the scams out there today....don't be fooled!

  • Get $50,000 in Business Credit in six months - GUARANTEED!
  • Build business credit with our proven Business Credit Building System!
  • Business Credit up to $250,000 at 0% interest!
  • Our hands-on business credit building services means that you can have a business credit profile in just weeks and credit for your business in just a few months.

 

Myth No. 4: The best way to obtain a loan for my business is through a bank.

Think your bank is the best (or only) place to apply for a loan? Think again. 

For business owners looking to borrow a relatively small sum (between $5,000 and $250,000), getting a bank loan is likely to be more trouble than it's worth. You will be required to provide a lot of unnecessary documentation and most likely provide some sort of collateral.

The Belmont Franklin Group is much quicker than obtaining a bank loan. With a simple application, some bank statements, a photo ID and proof of ownership, business owners can have cash in hand in as little as seven days and we have a 95% approval rate.

 

Myth No. 5: The most important thing you need in order to obtain a small business loan is a good business plan. 

No, The Belmont Franklin Group will never ask for a full-fledged business plan and neither will most lenders. 

However, The Belmont Franklin Group suggests that every business should have some sort of business plan. It's just a good practice to anticipate growth, set milestones and keep yourself accountable. If you don't have one, create one. You'll be glad you did in the long run. 

 

Contact us today to start discussing your funding needs with our friendly consultants at 281-453-1556. 

   

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