MultiFunding is committed to making the complicated world of finance feel crystal clear. The Slingshot Café is where we let loose and explain the latest and greatest loan deals, trends in small business lending and how you can get financing for your small business. Check back often for new posts from Ami Kassar, MultiFunding CEO and columnist for The Wall Street Journal, Inc. Magazine, and The Sleeter Group.
The Slingshot Café is authored by Ami Kassar.
Be Honest: Would You Recommend Your Product to a Friend
If the answer is no, it’s time to make a change. My column is typically about debt and lending issues. Today, I want to go on a limb and ask each entrepreneur a soul-searching question. “would you happily recommend your company’s product or service to your best friend?” If your answer is yes, you’re obviously […]
Many Small-Business Owners Don’t Understand the SBA
Confusion can lead borrowers to high-interest loans. The U.S. Small Business Administration has a marketing challenge : Many entrepreneurs don’t understand its lending program. A lot of the confusion arises when an entrepreneur speaks with a lender about the opportunity to get an SBA-backed loan. If the lender rejects the application and doesn’t provide financing, […]
How Taking a Cash Advance Loan Can Kill Your Business
About once a week in our work as loan brokers, we hear a heartbreaking story about a small-business owner or entrepreneur who made a borrowing mistake and is now desperately seeking our help. Sadly, sometimes, the damage is so deep that we have no tricks in our arsenal to help him or her. Last week, […]
Don’t Bring Fluff to Your Loan Officer, and Other Tips
Knowing your audience will greatly increase your chances of getting financing. As a business owner seeking either debt or equity financing, it’s important that you realize the vast difference between presenting to a loan officer and presenting to an investor. Loan officers and investors are two completely different animals. Loan officers mange risk while investors […]
Why the SBA Won’t Partner With Alternative Lenders
Taxpayers would be exposed to too much risk. In a recent Forbes column, the CEO of Lendio, posed the question: “Should the SBA Make Room for Alternative Lenders?” His argument was that banks aren’t the only place small businesses can go for capital anymore and that alternative lenders have a “big role to play in […]
Shark Attack : When Investors Smell Blood, Tell Them to Keep Swimming
A reality show finally gets it right when it comes to finding financing. On Friday night’s episode of Shark Tank, the two founders of Kodiak Cakes company approached the sharks in hopes of landing an investor for $500,000 in exchange for a 10 percent share in their company. Though the sharks were immediately impressed with the […]
Know the True Costs of Short-Term Online Loans
You may be getting on a high-interest treadmill that will be very difficult to get off Short-term, fast online loans have become popular among credit-hungry small-business owners still reeling from effects of the great recession from late 2007 to mid-2009. Hundreds of companies sell them. The pitch is simple and alluring: “We will lend you […]
Tell Me What You Would Do With $150,000
If you can come up with a list, you’re a candidate for a small business loan. I have a friend that owns a furniture business. She and her partner opened up their shop two years ago and have had steady growth since. They self-funded their business, purchasing equipment and materials from savings and funding their […]
Know Your Business Partner Well. Very, Very Well.
This relationship is almost as important as your marriage. I recently tried to help find financing for a client. As we went through the underwriting, it came out that one of the new partners in the business had extensive legal problems from a previous career. As a result, the business was precluded from any reasonably […]
Are You Ready to Risk It All for Your Idea?
Your business may make money someday, but in the meantime, don’t jeopardize your financial security. How much do you believe in your idea? It’s a simple question with a not-so-simple answer. When prompted, most entrepreneurs and inventors would probably respond with a canned response that echoes the value proposition of their product or service. They’ll […]