Sep '24 • General discussion
What you didn’t know about funding
- Negotiate Loan Terms: Banks typically offer standard loan packages, but you can often negotiate terms. For example, you can ask for a longer repayment period, lower interest rates, or even a grace period before starting repayments. Building a strong relationship with your bank can give you more leverage in negotiations.
2. Utilize Government-Backed Programs: Many countries offer government-backed loan guarantees, like the U.S. Small Business Administration (SBA) loans. These programs reduce the bank’s risk, allowing them to lend to businesses that might not meet their strict criteria otherwise. In many cases, these loans also come with more favorable terms than traditional bank loans.
3. Use Multiple Bank Accounts: Some business owners strategically open accounts with several banks to gain access to different loan programs, better customer service, and more competitive rates. By maintaining relationships with multiple banks, you create flexibility and competition, which can result in better funding options when you need capital.
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What you didn’t know about funding
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The Fund your business community helps you build credit knowledge, secure funding from lenders, and earn money by leveraging good credit.
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