A lot of variables come into play and I wish it was as easy as having a solid business plan and financials. With the current state of the economy I've noticed a lot of investors pulling back and only betting on sure things. Loan companies and the banks want to see a business credit score, financials, and cash flow in order to underwrite a loan.
It's ironic because I've actually found some of my most favorable private lending via Square and Reddit, the traditional banks and lenders have been little to no help to grow my business and then they wonder why people choose alternate lending solutions.
With Square it's a matter of building a track record, having consistent credit card transactions, and being patient.
In my case we've been in business for 13 years but I had to do a hard reset on the business structure last year because of the way it was structured, so ironically it's as though we're a new business with no credit score, no "history" to speak of, and it definitely creates an uphill battle.
If you already have a business the Financials are probably your biggest asset, if you're looking at a start up you'll need to show a solid business plan, have cash to start back the business, and be able to show that you're more than a side hustle.
Having an idea is probably one of the easiest part of the equations, being able to execute said ideas are where things get extremely difficult.
www.PartyManiaBethesda.com
Please Require Customers to pick time/date at checkout for Square online. Thanks!
