5 Keys to Getting Your Company Funded

One of the most difficult times for entrepreneurs is when they realize that in order to succeed they are going to need more money than their business can generate. What will it take to get your company funded? There is no shortage of money! For the right opportunity, there is someone willing to invest and put their money to work for an increased return. Here are the 4 Keys every bank, family, friends and investors are looking for: Who are you? What is your product or service? How much money do you need? When do I get my money back? Even though there are only 4 things people are looking for, I have added an additional key which is often overlooked but extremely important. Let’s profile each one to give you insight and perspective. First, my bonus key to getting funded: the framing of your opportunity. It does not matter whether you are seeking money from a bank, family, friends or investors you cannot leave it up to them to see the potential. You must hold their hand and guide them to the promise land. Often times they lack the vision and understanding to see the opportunity and potential. The second key is: Who are you? Remember they probably don’t know you, so they are investing in your ability to execute. Sell yourself! What is your experience, track record, especially failures and how you learned from them? Think if someone you didn’t know asked you to invest, what would it take for you to give them money? The third key is: What is your product or service? What is...

Funding Broker Vs. Direct Lender

There will come a time when you will seek capital to help grow your business! It is important to understand that you have options, choices and you decide what, how, when, who, where you receive the capital from. Options mean what types of capital available to you. Choices refers to programs, what type of capital you want, how refers to amount of capital you need, when refers to when you would like to receive the capital, who refers to which company you want to do business with and where refers to lenders location, ability to service, etc. In understanding this we have assembled an overview chart of broker vs. direct lender to educate you so the best decision can be reached. Here is why you should consider each: Options: Brokers will have multiple lenders for multiple loan products. Multiple lenders means better bargaining position regarding rates, terms and fees. Direct Lenders will only have access to their loan programs.  As brokers Altima is consistently able to achieve better terms, rates, etc. for our clients by negotiating one lender against another. Timeliness: A brokers ability to quickly place an applicant with the correct lending source based on lenders criteria means quicker funding. Direct Lenders have to lump everyone into their specific guidelines and if you don’t fit, they cannot provide you with the necessary funds, meaning wasted time. Every lender has a different risk tolerance and appetite. I.e. Construction Vs. Retail, 800 Fico Vs. 520, etc. It’s important to know this for effective and time efficient outcomes. We research lenders loan programs to ensure borrower meets their guidelines for faster...