Small Businesses Can Find a Good Partner in Large Financial Services Companies

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.

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