Why 95% of Businesses (especially Startupsare Denied Funding at their Local Bank.
Well hey there, I’m guessing if you’re reading it’s because you’re an entrepreneur or an aspiring entrepreneur and you understand that a business owner’s ability to secure capital is directly connected to your future growth.
My name is Leo Kanell and as a fellow entrepreneur it has puzzled me why most small business owners cannot secure funding at their bank, and if your business is a startup it’s become even more difficult. So why is that exactly? Before the great recession business lending standards were loose and during the recession many banks lost not millions, not billions, but trillions from businesses that did not pay their loans which in turn led to a large number of banks failing in a very short period. Then after the recession lending standards became so difficult that the majority of businesses could not qualify for financing, only the biggest and most powerful of companies could qualify.
Today not much has changed: banks still turn down the majority of businesses that request funding from their local bank. The 2 requirements that most often disqualify businesses from qualifying for financing are the requirement by SBA and banks that a business show very profitable tax returns and put up collateral that the bank can take if the business defaults on the loan.
Most businesses have a lot of startup costs at their inception so of course it is nearly impossible to show a profit on your business tax returns. Furthermore there are a lot of tax benefits to being a business owner which means you would have to be dumb not to utilize those benefits to limit your tax liability.
The only downside to these benefits is now banks penalize businesses when they ask for financing and show very little in profits on paper. Collateral with lots of equity like a piece of real estate with no debt against it, takes time to accumulate and even if you had it, why would you want to risk everything you’d built up if there was a better way.
Since the age of 21 I have been an entrepreneur and have started various businesses and each time I did I faced a shortage of capital, each time I was met with frustrating resistance from banks and lenders. I was forced to resort to creative financing tricks that led me to overcome funding obstacles, obstacles that keep entrepreneurs from successfully creating products and services that change the world for the better and improve our lives.
After I learned the business funding formula, the doors opened and I was able to secure hundreds of thousands in funding for my businesses even when I lacked profitable tax returns and collateral.
So I’m actually sharing a free training that reveals step by step the business funding formula that I’ve used for my own businesses and shared with countless other entrepreneurs so they could accumulate funding as well.
In this training I share the best funding options for startup businesses, where to find funding with a 0% rate for the first year and I also share a tip that can save you thousands in lower interest for the rest of your life. We’ve also created a new pre-approval tool to pre-approve you for funding automatically and risk free.
In order to quickly register for the training and get pre-qualified for funding, just click on the link below and you can get pre-qualified in a few moments! I will also reveal how one man built the largest business on earth because of his mastery of business funding, this one skill can lead to incredible success.
Let’s do this. Have a prosperous day!