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One of the big fall-outs of the 2007/2008 financial crisis was the way the banks stopped lending. If you imagine the banks as a castle, there were all these companies who had been waiting outside for the drawbridge to come down and rescue them, but instead they watched it get pulled up abruptly, without them on it. And at the very time they were at their most desperate.
Even with government bailouts, the banks did not appear to be any more inclined to start trusting business people with credit terms any time soon.
With the passage of time, the banking industry insists that that situation has changed, but I am still regularly meeting business people who say they still struggle to obtain a loan from their bank. And those that do get approved can find themselves on the receiving end of unfavourable terms. As well as not getting as much money as they need.
But what I am also experiencing is a growing number of business people who want to borrow, they may even be seen as eligible by a bank, but they have decided they do not want to go that route. If this is you or you are struggling to get a bank to take you seriously then there are other funding options you could consider.
Podcast Reviews & Thank Yous
Thank you to Timothy Lewis of the Begin Self-Publishing Podcast. If you are one of the growing band of self-published authors, or you are thinking about it, check out his show at beginselfpublishing.com for some tips on self-publishing platforms, how to promote your book, Amazon tips and much more. That is beginselfpublishing.com
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There’s definately a lot to find out about this subject.
I love all the points you’ve made.