Be sure to ask the question

The old adage, ‘if something sounds too good to be true- it probably isn’t’ should come to mind- when your business receives a call, text or an email saying that you’re business is qualified for a very large amount of money- within 24 hours- or similar.

Let's get started.

Be Sure To Ask The Question

Be sure to ask the question ‘why’

The old adage, ‘if something sounds too good to be true- it probably isn’t’ should come to mind- when your business receives a call, text or an email saying that you’re business is qualified for a very large amount of money- within 24 hours- or similar.

If your business is not in the market for very expensive debt (with APR’s over 70%) you should understand immediately that the person advocating this transaction stands to make 8-10% (or more) on this quick deal, and really doesn’t understand the first thing about you or your business.

These predators have no idea what your gross profit margin, net operating income, existing debt on the balance sheet, or debt service coverage is- but know that at one point the business had a UCC filing. That’s it. They don’t know if your business is seasonal, if your clients are other businesses, or really what your business does- nor do they care. They only know that out of 100 calls they might find 3-5 business owners that will need money shortly, and out of those numbers they might land 1-2 deals. Their return on their investment, for buying those lists of names might 5-10K (or more), so it should be transparent who they are thinking about. In case you are only skimming this- THEY ARE THINKING ABOUT THEMSELVES.

While owning and operating a business is time consuming and challenging, do not take the short cut when it comes time to borrow money for your business. Making the wrong choice can be devastating. Understand that the earnings shown on your corporate tax return (not the Profit and Loss statement) will be what a lender will base their initial Debt Service Coverage Ratio on. Understand that your credit speaks to your credibility/reliability as a borrower. Understand that a downward trend in sales is a BIG red flag to Banks.

So: the next time your business receives a call, text, or email offering you something that sounds too good to be true- ask that solicitor why you qualify. When they stammer or reply a rehearsed standardized answer, wish them a nice day and request to be removed from their call list.

Contact BCCUSA to have an honest conversation about how we can help your business grow.

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