Are you looking for a business loan and growing frustrated? We understand. Getting a traditional bank loan can be very difficult if you don’t have substantial cash or collateral on hand. Have you explored an SBA loan? Midwest Regional Bank lends in the spirit of the SBA–meaning we are committed to financing projects that make sense but otherwise might not meet traditional financing requirements.
For instance, many borrowers do not have the resources to meet a 30% equity injection that a traditional commercial loan might require. On our SBA loans, we try to work with a 10% equity injection. Along those same lines, there are frequently situations where a borrower will not have enough collateral–so a traditional lender will not finance the project, even though the project makes sense. This would be a good candidate for an SBA loan; as lack of collateral is not a reason to outright decline a loan.
Another example would be startup projects. You will be hard pressed to get a traditional bank loan for any kind of startup without substantial collateral or cash in the bank…not the case with an SBA loan. We frequently finance startup projects with borrowers that are experienced and have at least 10% to put into the project.
Midwest Regional Bank can do all of this at a lower rate than the return a private investor would demand or the fees that crowdfunding would take.