Good question Ed. Every business is different. I always deal with my bank and have a great banking relationship.
Your bank account is the first place to look for cash. The amount of cash needed to cover your
normal requirements for the week or month
It is also good to develop a long term relationship with your bank (or banker),
Leasebacks arrangements can release a large amount of cash that you can use for growth in return for monthly payments.
Happy holidays, LUCKIEST
Yes banks are very stricter.....alternate funding is more easy to obtain, but it costs more but there are more repayment options available than what banks offer...Good Luck
Luckiest and Centurion thanks for the response. I'm compiling the info for our owner, trying to get some unbiased info for the company the feedback really helps.
I work for a bank so...... I would say a bank. haha I'm sure that was shocking. I can understand that banks can be a pain sometimes but we are aware of that at our bank and especially in our SBA department, we try to minimize the headaches. But there are some banks that don't really care if the loan process takes 6 weeks or 6 months and that is not right.
Just trying to compile from info from actual business owners who have recently considered seeking additonal funding and cash flow for their businesses.
Do you prefer dealing with a bank or an alternative lending source for products such as bank statement loans, leasebacks or cash flow loans?
Many of the people we deal with say they are finding the banks are just getting strict.
Just checking to see if this is the consensus out there?