In this interview Rashida Mendes, owner of Funded First discusses the myths of funding and speaks to the 3 steps you need to take in order to make a proper plan that lenders will approve.
Myth #1. It takes forever to get funding approval.
False. Being prepared, talking to the right person, and knowing your lender is the starting place. Not all lenders work at the same pace with the same approval process.
“There’s always money for good plans.”
Myth #2: Using your local financial institute is the the best choice.
False. Not all lenders are created equal. There are specialty lenders, business lenders and business bankers who are on the equity side of businesses. There are 1000’s of financial institutes that people have never heard of that are ready to do business and within that people are able to get money based on the industry they are in. There are also ‘type’ lenders that focus on a certain type of people who are looking for money.
“When we talk about specialties there is something for everyone. There are specific people lined up to give you money based on what your specific need is.”