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SpinDistribute.com Article Directory

The following article was published in our article directory on February 24, 2010.
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What to Do About Working Capital Loans When a Bank Says No

Article Category: Business

Author Name: Stephen Bush

A prudent starting point for commercial borrowers is likely to be an extended discussion with a commercial loans expert for helping to adequately evaluate how to get working capital and other business finance help when their bank says "no". Finding and selecting such an expert will not be a quick or easy task for business owners, but this step is likely to be critical to eventual success in formulating a strategy for obtaining new sources of business funding. Ensuring that any small business finance expert chosen is totally independent and not affiliated in any way whatsoever with the bank which has already said "no" is an aspect that should be emphasized in locating a viable expert to help.

Because of a deteriorating business banking environment, some of our earlier advice is now likely to be especially relevant for many businesses. We provided advice a few years ago about what actions business owners should consider if their bank rejected a commercial financing request, and banks are currently saying "no" more frequently than they have in decades.

Even for businesses which are both long-term and profitable customers, banks are routinely saying "no". Because this has become such a widespread commercial banking problem, it is now common to hear phrases such as "thinking outside the bank" and "business loans without banks" when talking about options small business owners might need to analyze.

It is rare for a small business to openly pursue the possibility of replacing their bank. However, an astute business owner will quickly realize that they have little recourse but to pursue such a path when their bank says "no" to routine requests for commercial financing. Even though this search for new small business finance choices is undertaken under protest by most commercial borrowers, improvements to the overall financial health of a business will be achieved in a pleasantly surprising number of cases. Keep in mind that in many cities and communities, one or two banks frequently operate in a near monopoly environment. When small business owners have literally been forced to find new small business finance choices, they are often pleased to discover that they can not only replace existing bank financing satisfactorily but also improve their bottom line in the transition.

There are two financing situations that businesses should especially be prepared for banks saying "no". One of these involves commercial real estate financing and the other working capital financing (including commercial lines of credit). Recent nationwide business banking reports clearly show a drastic reduction in small business loans for commercial mortgage loans and working capital financing, although a small number of banks are still proving to be reliable sources for some business financing options.

As emphasized in this article, small businesses are increasingly hearing their bank say "no" to requests for the working capital and small business financing which they require. Most commercial borrowers are unsure what to do next because this represents uncharted waters for them. While a bank saying "no" is not a result that any business owner would seek, as discussed above in many circumstances it can eventually lead to an overall improvement in business finance strategies.

Keywords: business loans,commercial loans,business financing,working capital,finance,business,loans,lenders

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