Denver lenders are many in number, but not all of them were created equal. Many lenders exhibit behavior which is actually toxic to small business owners. We have put together a short list of some of the bigger red flags that entrepreneurs should look out for when shopping around for financing.
Some Denver, Colorado Lenders Have Very High Requirements
Denver, Colorado lenders have prohibitively high requirements in order to access financing programs. It should be noted that this is not entirely their fault, nor is it to intentionally prevent entrepreneurs from being successful. With the economic downturns over the past few decades, Denver lenders raised their requirements to weed out borrowers who are considered “bad risks.” The unfortunate side effect of this form of screening is that it prevents small businesses, no matter how potentially profitable, from getting the financing they need.
Red Tape And The Chain Of Command
Certain Denver lenders are part of larger organizations, such as bank branches. While loan requests are submitted locally, they can get caught in red tape. Loan applications are often passed between departments at different locations. With the high volume of loans requests, this chain of command can end up causing delays in the process. This means entrepreneurs end up placing projects on hold, or missing out on lucrative business opportunities. The best solution is to look for Denver, CO lenders who are “Preferred Financial Services” companies. Denver, CO lenders with this title can fast track loan requests, and get the most favorable terms and rates for small business owners.
Failing To Understand Your Business
Denver, Colorado lenders often do not take the time to understand their clients’ needs and goals. This can almost be excused due to the high volume of businesses requesting loans at a given institution. Unfortunately, this behavior leads to business owners getting railroaded into ill-fitting financing programs. Always look for lenders in Denver who are willing to to understand how your business works, what your specific needs are, and what milestones you want to reach. A lender who listens is a lender who will tailor solutions to fit your needs.
Talk To The Experts
At WN Financial Solutions, we believe in promoting the success of small business owners. As a “Preferred Financial Services” company among Denver, CO lenders, we can expedite loan requests, and customize solutions to help carry your business to the next stage of development. Contact our offices today, to learn more.