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Funding for Small Businesses
| Guest post by: Joe Ferriolo |
Article Overview: While big banks refuse to loosen their grip on credit, one business consulting firm wants small businesses to know the news is not all bad. In fact, by working with smaller business banks, may provide funding for new and established small businesses in spite of the deepening recession.
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Free Download - What affects your credit score? By Joe Ferriolo |
Funding for Small Businesses
While big banks refuse to loosen their grip on credit, one business consulting firm wants small businesses to know the news is not all bad. In fact, by working with smaller business banks, may provide funding for new and established small businesses in spite of the deepening recession.
Offering revolving lines of credit, streamlined Small Business Administration (SBA) loans and equipment leasing, WMF is filling a need shared by most small business owners and franchisees: the need for easily accessible funding, especially in the start-up stage.
"Big banks are usually tailored to larger dollar transactions, typically $100,000 to $2,000,000. They say there's not enough profit in working with smaller loans," explained Joseph Ferriolo, CEO of WMF. "In addition to that, they want to look at the applicant's financials, they want to see a track record of being in business for at least two years, they want to make sure the applicant is showing a profit, and they want collateral. Many times, that's a lien on the applicant's home."
In contrast, WMF works with new and existing businesses. The firm works with banks that do not ask for business or personal financials, and even in the case of SBA loans, applicants are not required to provide collateral.
WMF is able to offer such a streamlined process because it works specifically with 23 small banks. The firm's clients can borrow up to $60,000 from the SBA.
Ferriolo founded WMF in response to his own needs as a small business owner. Throughout the 15 years he worked in the banking industry, Ferriolo owned small businesses, and like many small business owners, he repeatedly ran into the issue of funding. Through trial and error, he developed the system he now offers through WMF.
"A new business getting funding in this market is unheard of," Ferriolo stated. "But it is absolutely possible and we're helping to make it happen every day. The small banks we partner with have more relaxed financing requirements than the large banks, and they certainly are more stable right now than the bigger banks are. We are excited to let small business owners and franchisees know the credit market has not dried up for them."
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Article Tags: banking industry, business banks, business consulting firm, ceo, dollar transactions, equipment leasing, franchisees, new business, personal financials, recession, sba loans, small business administration, small business owner, small business owners, small businesses, spite, trial and error, wmf
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About the Author: Joe Ferriolo RSS for Joe's articles - Visit Joe's website Joseph Ferriolo has been in the financing industry for 15+ years. To say the least, he has seen a lot of changes over this time. Each passing year has enabled him to see new ways and avenues of making loans work. He started in large traditional banking institutions doing credit analyses and underwriting. He eventually, took his experience in finance and put his passion into creating his own business ventures. He found that a lack of cash flow can stop a successful business in its tracks. This is why he developed a company that helps business owners obtain financing for their small business. He commonly says "getting a loan has become an art form. Simple mistakes can stop your business from getting the capital you need to get through the slow seasons." Learn and benefit from his ventures, mistakes and life experiences in business financing.
Joseph Ferriolo CEO of Wise Man Finance Click here to visit Joe's website   Business Credit Cards versus Personal Credit Cards ARC Loan in Jeopardy SBA What is the SBA Recovery Loan Queue Why is a Business Plan Important How to Speak With a Business Underwriter |
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