STEP 7.1 THINKING LIKE A LENDER

VIDEO, BUT TO SAME TIME, WE PROVIDED YOU THE TRANSCRIPTION:

think like a lender
a view of small business lending

The segment introduces the general practice of small business lending of which is mostly automated. This foundation helps business owners prepare for financing.

Let’s start with the basics. What is Small business lending? It is defined as a business that grosses under $10 million per year.
A majority of financing for small businesses is under $100,000.
The typical avenues of lending are the line of credit, loan & business credit card.
Did you know? Most small business financing decisions are automated. Their computer system says Yes or no.
You submit your application to your banker; they enter it into the system, and a couple of days later their computer tells them if you are approved. READ MORE....

think like a lender
business credit

This segment trains business owners to think like lenders and see first hand what lenders see when they look at your business credit.

Did you know that most lenders view your business credit during the business finance underwriting process?
When you submit an application for a business line of credit, your business credit is reviewed!
Even your banker may not know that business credit is reviewed during the underwriting process.
Small business financing is typically automated, it is the creditors underwriting software that says yes or now, determines approval amounts and suggest the terms.
READ MORE.....

Congratulations!  You have completed all 4 Rounds.  What does this mean?

  • You have formed a solid business foundation
  • Established your business credit reports
  • Learned to monitor and read your business credit reports
  • Built business credit and more

Remember, continue to build your business credit & look for additional learning or advanced tactics to take your business credit to the next level.

step 7.1
STEP 7.2