How Do I Fix A Switch Out Of A Stand-Up A Finance Approval Can Be a Moving Target

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A Finance Approval Can Be a Moving Target

Equipment financing in all markets is always a slightly moving target. Hard credit rules are constantly changing because underwriters and credit teams are forced to make the right decision; their jobs depend on it. On the one hand, the pressure is on lenders to minimize bad debt by avoiding financing customers who end up defaulting. On the other hand, lenders and investors must make a profit, and federal regulations require them to approve a certain number of loans. The scenario is disappointing for both the customer and the financial agent, but we can confirm that investors are still lending and approvals are much higher than last year.

What are some general guidelines for approval?

Full financial disclosure is best for quick decision making. Knowing what your credit looks like, assets, liabilities and how your company is performing will give the insurer a complete picture, allowing them to offer the best possible terms. Hiding bad debt almost always comes to light and simply delays or stops the appraisal process, so lay all your cards on the table. Explain specific losses or why certain bills have gone unpaid.

Check your own Dun & Bradstreet credit score or report; if something negative pops up, work to correct or fix it before filling out an application; there are many agencies that help to fix or repair credit quickly. Correct the problem and have proof that it has been cleared; this step will show the underwriter that your credit is being managed properly.

If you are a smaller business, be prepared to manage (personally guarantee) your finances. This is a full guarantee with your assets as collateral that you will make your payments. If you don’t, then like any creditor, they will use leverage or take your assets to pay off the debt. Years ago, small businesses weren’t regularly asked about PG, but now they are. Lenders feel that if you don’t “believe” in your business and are willing to stand behind it, then why should they. Side note; often people with high net worth and poor cash flow think they should be approved based on how much they are worth. This is often not the case, lenders are not in the business of filing lawsuits and chasing assets for repayment, which often results in a loss for them anyway. They want to make loans to businesses that have a high probability of paying them back through their normal business operations.

Finally, write a brief summary about yourself, your business, and why requesting funding will benefit your company. Whether you’re the seller or the borrower, bringing a human touch to your financial application goes a lot further than many people realize. Describe the duration of the business, who the owners are with brief information, what products you sell and the areas or markets you serve, and describe the opportunities. Here’s how you would describe the business in a two-minute pitch to a stranger.

This market requires awareness and flexibility on both sides of the deal; it’s not what lending was five years ago, but in the long run it will be much better for all of us. Remember that you are borrowing money from a stranger who must be comfortable with your ability and willingness to pay it back.

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