Reputation is So Important When Searching for a Business Loan
The small business loan market has become saturated with new players recently. With the need for access to working capital for small business at an all-time high, many companies have jumped in on the new void created because of tighter underwriting criteria employed by banks. Ten years ago it was still possible to walk into your local bank branch, sit down with your banker, and shake hands on a $100,000 business line of credit at prime +2%. Many of these same business owners who have operated successfully for decades must now turn to alternative finance companies for their working capital needs.
I mentioned in a previous post (http://ccgfunds.com/term-loan-and-business-line-of-credit.html) the difficulty in distinguishing between many of the companies offering loans for small business today. Are they direct lenders or brokers? How long have they been operating? Will they run a credit check? If so, how many?
A long term Central Capital Group client, whom we helped acquire funding for his small business last year, forwarded an advertising email from a competitor yesterday. The email talked about the competitor’s ability to offer a true business loan with a low rate, as opposed to a business cash advance. But when you go to this company’s website, there is an entire page extolling the virtues of a business cash advance or merchant cash advance over a traditional small business loan. Aside from the mixed messaging, I was not able to find much information with regards to the reputation of the company.
Central Capital Group BBB Rating A+
Central Capital Group is easy to find, and certainly reputable. When someone calls you to offer a small business loan it is certainly worth taking a few minutes to do some due diligence on the company. Check out our A+ rating with the Better Business Bureau here: http://www.bbb.org/new-york-city/business-reviews/loans-small-business/central-capital-group-in-cedarhurst-ny-148071