Whether you’re a start-up, limited liability corporation (LLC) or a sole proprietorship, an asset-based loan is key for expanding your company. These forms of loans are based on assets (such as inventory) that is used as collateral. You are essentially promising the bank/lender that your revenue will match (or surpass) their initial loan payment.
If you have a few minutes, I’d like to share some insights for making sure lenders look favourably on you.
1. Stand Strong
Business partners, colleagues and even your friends may try to deter you from taking out an asset-based loan. Citing risks such as default payment, using the process as scare tactics or even losing your business.…
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