Too often, business owners have preconceived notions about financing their businesses, whether it’s for a commercial mortgage or credit financing. These ideas arise out of common perceptions about how traditional lenders make credit financing decisions.

And then they speak with their banker. We’ve already discussed the idea that your banker is very often a “gatekeeper” with the “keys to the vault.”  For a business owner, gaining access to the money in the vault can be a daunting process, and that initial conversation with the banker proves out this theory, especially with reinforcing those preconceived notions.

The truth is this: having a conversation, the right conversation, with someone who has your business’ best interests at heart can lead to a different result. That result can be financing the business owner needs to move forward and continue to build their business.

The right conversation with a broker who is working for you and not working for the lender will very quickly wipe away those preconceived notions.

Credit is one of those conversations. The concept that credit must be a very high score with impeccable payment histories is an idea that can be changed with the right conversation. Because there are lenders out there, non-traditional lenders, who have a more forgiving attitude towards credit blemishes.

Same with income tax returns and the dreaded “bottom line” income. Traditional lenders use a decidedly more rigid approach to income-qualifying. That rigid approach can lead to a denial of your loan request.

The right conversation with a broker who has the ability and who works with both traditional and non-traditional lenders will simply assist to “translate” the true income-producing potential of your business that will lead to a positive result.

Visit our Financing Fodder YouTube Playlist for more information on how to prepare yourself when requesting a business loan.