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The other misconception is that the only place to get a small-business loan is at the local bank. There are hundreds of community banks and alternative (read: non-bank) lenders who specialize in helping small-business owners. Just because you might not get a loan at the bank (only 10 percent do), there are options, and small-business lenders anxious and willing to lend to most small-business owners. The only caveat here is that idea-stage companies or owners with bad credit have much fewer, if any, viable options. Most lenders want to see a couple years under your belt combined with sustainable revenues before they'll offer anyone a loan.
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Michael Cornnell
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