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When to Get a Small Business Loan
December 7, 2022
Young couple meeting with a loan officer in her office

Much too often, SCORE counselors get a new client sometime after the client’s business has encountered trouble.  Often, the problem is financial and has been going on for some time.  In reviewing the client’s situation, SCORE often finds that we could have helped the client if they had come to us six months ago before they had financial problems. The purpose of this article is to help businesses while there is still time…

Your business is making money and you are paying all your bills on time. Your credit score is good. You don’t need any financial help from the bank, right?  Wrong!

We have all heard the expression, “Banks only want to lend you money when you don’t need it”.  There is more than a grain of truth to this, and for a good reason.  If you are falling behind in paying your bills, loaning you money is risky.  Can you really blame the lender for turning down your loan request, after they find that your business has financial problems?  From their viewpoint, while the loan may enable you to save your business, it may instead merely delay the collapse of your business, including the default of the loan.

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Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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