Banks have never been easy for small business to deal with. Now they have set the borrowing standards extremely high.
You need perfect personal credit, perfect business credit, collateral up to the amount of the loan, and no real pressing need for the money.
RE: You need perfect personal credit, perfect business credit, collateral up to the amount of the loan, and no real pressing need for the money.
OK, how many percent of small businesses are like that? PERFECT IN EVERY WAY?
One borrows because one needs the money for cash flow and perhaps to expand a business to attract and service additional customers.
If banks are reluctant to lend money even to a customer with a good 10 year record, how the heck is the bank able to pay their depositors interest? How does the bank even make a profit?
Your statements remind me of the old joke, that a bank will loan you money, if you can prove you don’t need it.
Tell them you need it to short sell gold...