Banks have money to loan - for small businesses. That's what I hear on the news and read in the paper and have even been told by my bank. "We want to help America get back on its feet," my banker said. "We have money to lend... especially if you'll be hiring."
We showed how eager we are to hire - and how we're making a profit, almost unheard of for a company as new as we are, and still... we were turned away.The only money banks have to lend is money they're hiding under the table and expect a solid 500% return on. I guess. They've proven they aren't lending to "start-ups" or businesses that "need" money. We're not the only ones being turned away. Or, they're offering an SBA Loan - as long as you can invest a ton of your own money, first.
If you're established and you don't need a loan, they have LOTS of money to lend. Ain't that great?
Here's my answer to banks: who needs ya? I have lots of options for help getting my small business to the next level. Here are just a few (feel free to utilize these for yourself, also)
Village Ventures: Village Ventures is a seed and early stage venture capital firm focusing on the media and financial services sectors. We partner with outstanding entrepreneurs creating innovative products and solving complicated problems in those industries.
Meritage Funds: We define our targeted opportunities as network-enabled service companies that enable communication, deliver content and facilitate commerce.
DFJ Mercury: We believe that capital efficient business models take much of the guesswork out of an entrepreneur's decision making.
Lightspeed Venture Partners: Over the past two decades, our investment professionals have backed companies in technology sectors ranging from consumer and business applications to networking, from computing infrastructure to cleantech.
I recommend this great post from the last folks linked, here, Lightspeed Venture Partners: The Anatomy of a Social Product - it has some eye-opening advice and content.
In the end, it doesn't really matter whether there is money out there, or not. We'll continue building our business and we'll make a success of it because we love it and we have the support of our community members and many, many brands looking to connect with us. It isn't an either/or situation: either we get money or we fail. It's a "we're doing this - if you're smart and want to help, there's opportunity."
There is a longer list of possible funding sources here. Enjoy!
Lip-sticking is part of an online influencer network for Business on Main. I receive incentives to share my views on a monthly basis. All opinions are 100% mine.