#TheMoneyFactor - Episode 004 - No Track Record? Worried About Your Financing Options? 

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I'm Ian Varley and  this is #TheMoneyFactor. 

No track record? Worried about financing

options for your business? That's what

we're going to be talking about today on #TheMoneyFactor

Hi, I'm Ian Varley CEO of Eagle Business

Credit welcome to episode 4 of #TheMoneyFactor.Where we take your everyday

questions about business finance and

common problems that you run into as a

small business owner. Today we've got a

lot of questions coming in about how to

find finance for your company. You can

find us on social media #TheMoneyFactor. 

If you've got any questions you want to ask please feel free, send

them in. I've started a business why

wont my bank give me a line of credit?

Hey great question, you know it's really

hard as a startup company to get finance

from a bank. They typically will want to

see two or three years maybe four years

worth of history and some track record.

You know it's hard for a bank to take

that initial risk when you're a startup.

They don't know how it's going to pan

out. So unless you're a high net worth

individual, you have some tangible

collateral like real estate. That's what

the bank will want to be able to give

you money. Kind of feels weird that you

have to give them something in order to

get money. You'd rather you get some kind

of unsecured loan from a bank but it's

probably not going to happen unless you

this is your third or fourth go-around

and the banks very comfortable with you.

May not be the best place to go to start

your finance journey. There are lots of

different options out there. Some banks

are more flexible than others and often

it depends on how much you're actually

looking for of course. But you know, worth

a try. We can talk about some banks that

we know will do small business lending.

If you're an established company and

you're going for that big line of credit

and you're graduating into a facility

from something else. Maybe you've got

member loans or investor money.