Getting Business Financing is Tougher.... But doable.

Ready? Set. Wait! That's what most companies that are looking for business financing hear nowadays. Most financial institutions have become very conservative (rightly so) and do a lot of due diligence and thinking before financing any opportunity.As many have found out -  the financing moves like a pendulum. A few years ago it was very easy to get it. Now the pendulum has swung and getting a business loan is hard.

One important and often overlooked key to getting your application approved is making a good first impression. And to do that, you have to prepare. There are two key areas where this matters:

1. The first call: Be sure to know your business inside out and prepare by generating a list of possible questions/answers that the business financing company is likely to ask. And remember the three P's. Be Prepared. Be Professional. Be Punctual..

2. The Application: Your application is the first thing that the due diligence team will usually see. Believe it or not - looks matter. If your application looks professional and well done it will get better consideration than one that is sloppy. Most due diligence folks will probably deny this - but it's psychology and it's true. Now, I am not saying that looks alone will get you anywhere. But it will help your application get noticed, especially if your financials are reasonably strong. Here is more information about financing applications and financial statements.

---

Looking for factoring in Canada? Learn about purchase order financing and factoring in Newfoundland and factoring in Labrador.