The SBA’s Small Business Week program, currently taking place, brings to the forefront the myriad ways in which financial services partners with government and other non-lending leaders to help make small business dreams a reality.
Large financial institutions are willing lenders to small businesses—but many times applications are without the two critical “Cs”: Cash Flow and Collateral.
Obtaining the criteria might seem tricky, but there is a plentiful amount of free information readily available for the interested entrepreneur—from online resources to networking opportunities.
Two quick examples:
• MasterCard provides great webinars online which include improving credit scores, enhancing your marketing communications, and 401ks, among others.
• Wells Fargo’s resource center houses numerous videos and articles which cover tax benefits, the issue of cash flow and collateral, and even how to plan a company succession plan.
Lending is a competitive business, and large financial institutions are looking to make every good loan possible. In fact, according to the FDIC, approximately $600 billion of small business loans are outstanding, and the largest 1% of banks manage over 40% of these loans. Moreover, the largest banks have pledged $100 billion of additional lending over the next three years.
Small business owners should shop around for the best loans and resources possible, understanding that the right partner could be a big financial services company.