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Moving on small business is these days need to get loans and somebody somebody out there thinks that there is like the cash and we should all be able to readily get it.
Not so much which is why Monica mapping is here with us right now managing principal of -- capital you can help us figure this out absolutely small business is really get loans to Canada.
Are smart and they can if -- strategic and the one thing that small businesses really need to consider is.
-- actually in a game of lending these days because not all banks are the same light and what's really critical in this discussion are the banks that are free from regulators.
The ones that have got the people on the ground nosing in on their business data day they're just not as free with -- -- everyone.
Sucked into the regulation world these days not every -- and not everyone's on the same level of regulation by the FDIC and that the people on the ground for example.
Thanks with more than ten billion dollars on their assets half two time.
Be it they have to keep more cash on their balance sheet than smaller banks which have made two billion dollars on assets so those banks.
Are often community banks or regional -- -- farm more active with small business -- over the past two years.
Also the banks that are not -- high and that the fads are also very active in this includes non bank lenders these are.
Fourteen banks they're actually governed by the SBA not the fads and -- -- usually active and so if -- I know of those fourteen banks are you go online and you search non bank lender and it's on the S and website bank.
Lender and it's on the SBA website absolutely and so again these banks have been -- they continue to be active and again.
The operative word here is SP -- these are the only ones getting -- these days so if if you're out there looking for capital this is really where you have to focus now OK so SP is making months.
What is it that they need to seek his back in the day used to be they needed to see profit.
Great there is a need to these days -- yes said they're still looking for a good story bankers are all trained the same way when it comes to credit analysis they wanna see.
A positive story they want to see your profits going up.
They wanna see your sales going up and frankly a lot of small businesses don't have that stored -- telling you more and so this is where.
Working with a small wonder becomes really important again because it's the small guys.
And it's the ones that are not regulated.
Have the room to work in a gray area and be a little more creative so your story stocks your sales are down 90% of small businesses have their sales down -- just right He can't tell that story anymore.
You go to Bank of America you know the but -- show you to the door He go to a small community -- one that's -- nine.
And non bank lender -- -- have a much better chance with the exact same story the exact same application.
So they go online at Simon of these fourteen banks -- show with my financials.
And I just what I tell my story I beg borrow and and it at a -- broadly I tell my story and I say you gotta believe in me.
It's a little bit more than that so there's more than fourteen lenders for starters on fourteen lenders -- -- non bank lenders.
Beyond that you can -- looked into community banks for credit unions are also getting pretty active.
These banks even the ones that are active -- scene that you have some money in the bank so that if your business has any kind of pick up that allowed -- -- not be able to pay your loans He got access to other cash maybe that's coming from a rental property -- -- -- a spouse that can kick in if things go back.
They're also looking for experience because you know nothing.
Run of the -- -- -- any more.
You know you could be doing find one day and all of a sudden the stock market tanks everyone loses their confidence and you don't know what's gonna happen -- yourself a week from now so.
-- looking for people who have experienced in our industry and are able managers that can steer around.
Choppy waters and that's very important to lenders these days.
Are you seeing these loans being mean actually people walk out the door with money.
People are walking out the door with money and again it's the ones that are going to the banks that are not as heavily regulated.
It's the ones that have a little bit of a good story to show its the ones that are going after lenders who are local to their area.
Lenders who may -- -- in their industry before.
These guys are again gonna give you a little bit more leeway with your situation and have a little more patients with you can you.
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