Roundtable Discussion with Congressman Pat Tiberi

Roundtable discussion

Obviously funding was a big point of discussion during the roundtable. The challenge of securing adequate funding was shared by almost all the business owners in the room and prompted Congressman Pat Tiberi’s staff to ask the question, “why don’t banks want to lend to small business?”

The reality is that banks do want to lend to small business, but they need us to meet their criteria. While that may seem impossible, the truth is with a little planning and patience, and a lot of persistence we can get ourselves there. So, what criteria do we need to meet to have an opportunity to secure a bank loan? credit of 750 or above, if an existing business enough cash flow to pay the loan back, if a new business enough net worth to cover the loan, an adequate business plan, skin-in-the-game of 20%, and a belief in ourselves that we can make the business successful.

So, with most of us dealing with a credit score under 750, little cash flow if any, and less net worth than we used to have, how can we possibly meet the bank criteria listed above? It starts with a plan. Instead of complaining let’s work to fix the issues. How do we do that? YMT has partnered with attorneys, bookkeepers, accountants, credit counseling, and bankers to help you develop a plan of action and then implement that plan for success.

If you need funding, don’t wait any longer to get your business under control, let’s work together and fix the problem(s). While it would be nice if someone just gave us the money to fix our problems, the truth is it’s not going to happen. We chose to become business owners because we wanted the opportunity to control our own destiny. Now is the time to do just that. Our strength as small business owners is our creativity, determination, and belief we can do anything, and that includes fixing our challenges and getting control of our business and finances. But that doesn’t mean we have to do it alone.

At YMT, we are launching a new program called, Preparing for Funding to help you develop and implement a plan of action over a three, six or twelve month period.  We would love to help you enjoy your small business again so give us a call and let’s get started.