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Finding capital to grow your business

Discussion in 'Financing Your Business' started by Melanie Harrison, Apr 19, 2017.

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  1. Melanie Harrison

    Melanie Harrison Member

    Trying to get a business loan for a small business can be more complicated than first thought. The banks will want to drag you through a long process, put forward some collateral and at the end of it say NO! or will only offer you something over 1 million pounds as they are not interested in the smaller amounts.

    The way round this is to use a brokerage specifically for small businesses such as us at David Allen Capital but please be careful as people are not always who they say they are. I have heard many stories about people getting burned by so called brokers able to get them the money to grow only to disappear into the sunset and not answer your emails or calls. Be wary, you should never be asked to pay anything upfront to the broker just to process your application and see if you are eligible for a loan. We have had people even pretending that they work for us and say they can offer someone a personal loan and to pay them a fee which we do not do! Each broker has an ID and if you are unsure you need to call the company and confirm if this agent does work for them.

    Now on to some good news, David Allen Capital Inc is a fairly young small business loan brokerage which specializes in small business loans between $10,000 to $250,000 and in some cases higher. You are required to have been in business 4 months and have a yearly turnover of $100,000. You will need a credit score of 500 or above but we value taking over credit score as we know it isn't easy as a business owner.

    What also makes us different is our repayments which are micro payments meaning the you pay the loan back a small amount each day rather than it all at the end of the month so you hardly notice it going out.

    We actually care about small business owners and helping them to find the capital they need to grow their business. You can also ask us about Merchant Processing on which we pride ourselves on meeting or beating your current provider or we will give you $100 visa gift card, you also have the option to earn your own commission on your credit card processing. I can assure you that we are real and we are here to help.

    Just remember that a real broker will be happy to answer any questions you may have and not request money from you before finding you a loan to suit. Do your research and you should be making your business dreams come true. I am only too happy to answer questions if I can.

    Note to moderators: This is not spam. I asked Melanie to post this. See my comments below. ~ djbaxter
  2. djbaxter

    djbaxter Administrator Moderator Member

    Thank you, Melanie.

    Please note that I asked Melanie to post this note about the pitfalls of seeking financing and why it's important to do your research into available sources.
  3. azgold

    azgold Moderator MVP Member

    This is great, Melanie. I'm sure new entrepreneurs wouldn't know the potential pitfalls of borrowing from the wrong person/biz.

    As a side note, you can get at least a couple of other articles for your website out of this post:

    - Banks vs brokers
    - How to spot a loan shark/scammer
    - Top x things to look for in a loans broker
    - The x most important questions to ask/be prepared for when applying for a loan
    - Never take money from this type of lender!

    ...etc, etc.

    Sorry, an old habit from my writing days. :) It's just that I can see a lot of angles that you can capitalize on.
    djbaxter likes this.
  4. Melanie Harrison

    Melanie Harrison Member

    Thanks for your advice and suggestions, I was actually thinking about starting a blog but was never sure how helpful it would be. After all my job is help businesses grow not loose lots of money.
  5. djbaxter

    djbaxter Administrator Moderator Member

    Starting a blog needn't cost a lot of money. If you want to try it out, you can start one for free (hosting included) at WordPress.com: Create a website or blog - if you find it useful you'll probably want to transfer it to a self-hosted domain later but even that doesn't have to cost very much for shared hosting, a few pounds per month perhaps.

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