Myth: Entrepreneurs Have to Use Banks
While a bank will always be an option, it is far from the only option available. Credit unions and alternative lenders are also willing to provide loans (following an application process). Myth: Entrepreneurs Have to Use Banks
Having a good credit score will make the process easier, but imperfect (or nonexistent) credit isn’t the deal-breaker. One could choose to work on their credit score, or alternatively one can approach other lenders or financing opportunities Myth: Small Business Equals Small Loan Many people believe that small businesses can only ever access a smaller loan – meaning that they start with less. When applying for any loan, you’ll likely only ever get an amount you can conceivably pay back. In other words, a bank will only approve the amount they believe you can afford, so include any proof that may help back up your finances.