Updating Business Finance Options Without Banks

Small businesses generally have two major inspirations for avoiding banks when arranging business loans. First is the common occurrence of disliking banks because of prior problems and mistreatment, and there are more accounts of similar difficulties reported everyday. In particular small business owners can point to business financing being reduced and eliminated by banks even though they were bailed out by taxpayers so that this kind of financial activity could resume at normal levels.

With the second reason, just as nobody will knowingly go on a cruise ship if they are told by someone they trust that it is likely to sink, the increasing number of bank failures should serve as a cautionary signal to commercial borrowers. This concern is compounded when small business owners realize that very few of the still operational banks are consistently providing small business loans. Small business owners have already realized that they must find alternative business financing when their bank is not up to the task.

The ability to obtain commercial loans without bank involvement can help small businesses to prosper both with and without banks. Some lending sources have even adopted a variation of the slogan “Thinking outside the bank” to emphasize the potential advantages of business financing without involving a bank.

The growing bank unpopularity has provided plenty of motivation for finding commercial loans and working capital help while also eliminating banks. From the early origins of American history banks and bankers have proven to be unpopular, and Thomas Jefferson is one who had similar feelings when he said that “banking establishments are more dangerous than standing armies”. The newest element in the desire to escape banking relationships is probably tied to the massive changes seen during the past ten to fifteen years.

Just as General Motors and Chrysler are now a shell of what they were just a few years ago, banks have also changed irreversibly. Except in paid advertising, it has become rare for either businesses or individuals to speak positively about their bank, but many of us still have warm feelings about earlier banking days. Foreclosure notices and exorbitant credit card fees have become the contemporary bank images to replace one of giving away toasters.

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