In his latest post to the AllBusiness.com Main Street Financing Challenges Blog, Sam Thacker reminds business owners about alternatives to bank lending.
Sam is a buddy of mine from Austin TX who is currently a partner in the Austin Texas based financial consulting firm, Business Finance
Solutions which assists small businesses with financing challenges.
Why do you need to know about non-bank lending?
If you are a bank or credit union lender, you need to know the alternatives available to your customer/members. And heck, if you can’t make the loan they need right now perhaps you ought to be recommending, temporarily, a non-bank financing alternative.
Often they are more costly so the business will have an incentive to come on back, especially if you solved their problem even when you could not make the loan.
Read Sam’s full post here:
What alternative sources have your business borrowers been using when you have to say no?