if you want to get a small business loan for your company you have to show that
for your company you have to show that
for your company you have to show that you’re beyond the startup stage and
you’re beyond the startup stage and
you’re beyond the startup stage and already has significant traction with
already has significant traction with
already has significant traction with your company otherwise you’re gonna be
your company otherwise you’re gonna be
your company otherwise you’re gonna be wasting your time they’re gonna reject
wasting your time they’re gonna reject
wasting your time they’re gonna reject you and you might as well put that time
you and you might as well put that time
you and you might as well put that time when to actually grow in your business
when to actually grow in your business
when to actually grow in your business hi I’m Evan Carmichael
hi I’m Evan Carmichael
hi I’m Evan Carmichael I believe that hungry entrepreneurs
I believe that hungry entrepreneurs
I believe that hungry entrepreneurs deserve help and today I’m answering a
deserve help and today I’m answering a
deserve help and today I’m answering a question from one of my readers Moe
question from one of my readers Moe
question from one of my readers Moe Moe’s awesome most been asking tons of
Moe’s awesome most been asking tons of
Moe’s awesome most been asking tons of questions commenting in all the videos I
questions commenting in all the videos I
questions commenting in all the videos I love you moe
love you moe
love you moe thanks for all the work so Moe wrote in
thanks for all the work so Moe wrote in
thanks for all the work so Moe wrote in to say our small business loans to get a
to say our small business loans to get a
to say our small business loans to get a small business loan our banks less apt
small business loan our banks less apt
small business loan our banks less apt to approve the loan if your company
to approve the loan if your company
to approve the loan if your company hasn’t made any revenues so no
hasn’t made any revenues so no
hasn’t made any revenues so no absolutely you gotta understand where
absolutely you gotta understand where
absolutely you gotta understand where banks are coming from banks are not in
banks are coming from banks are not in
banks are coming from banks are not in the business of taking risk on
the business of taking risk on
the business of taking risk on entrepreneurs banks want to lend safe
entrepreneurs banks want to lend safe
entrepreneurs banks want to lend safe money to people they want something that
money to people they want something that
money to people they want something that they can pull away in case you can’t pay
they can pull away in case you can’t pay
they can pull away in case you can’t pay your loan back so they want your house
your loan back so they want your house
your loan back so they want your house or they want an asset that they can take
or they want an asset that they can take
or they want an asset that they can take if you don’t have assets then there’s
if you don’t have assets then there’s
if you don’t have assets then there’s nothing for them to take if you’re
nothing for them to take if you’re
nothing for them to take if you’re trying to get a loan for your business
trying to get a loan for your business
trying to get a loan for your business it’s usually not possible until you’ve
it’s usually not possible until you’ve
it’s usually not possible until you’ve already had three years of traction and
already had three years of traction and
already had three years of traction and revenue if you want to get a startup
revenue if you want to get a startup
revenue if you want to get a startup loan and you’re just getting started
loan and you’re just getting started
loan and you’re just getting started then you usually have to do a personal
then you usually have to do a personal
then you usually have to do a personal guarantee which means that if you if you
guarantee which means that if you if you
guarantee which means that if you if you don’t pay your money back they’re gonna
don’t pay your money back they’re gonna
don’t pay your money back they’re gonna take your house they’re gonna take your
take your house they’re gonna take your
take your house they’re gonna take your car they’re gonna take anything that you
car they’re gonna take anything that you
car they’re gonna take anything that you have in your possession and the asset
have in your possession and the asset
have in your possession and the asset that you have and it’s me based on your
that you have and it’s me based on your
that you have and it’s me based on your credit score it’s always dangerous to
credit score it’s always dangerous to
credit score it’s always dangerous to take out a loan that has a personal
take out a loan that has a personal
take out a loan that has a personal guarantee because they can come after
guarantee because they can come after
guarantee because they can come after everything that you have if you can’t
everything that you have if you can’t
everything that you have if you can’t make that payment and you could end up
make that payment and you could end up
make that payment and you could end up broke right nothing I hate spending
broke right nothing I hate spending
broke right nothing I hate spending money till I’m making money and I hate
money till I’m making money and I hate
money till I’m making money and I hate going into debt I always try to fund my
going into debt I always try to fund my
going into debt I always try to fund my business from the profits I put my
business from the profits I put my
business from the profits I put my hustle I put my blood my blood my sweat
hustle I put my blood my blood my sweat
hustle I put my blood my blood my sweat my tears everything into it my time my
my tears everything into it my time my
my tears everything into it my time my energy to get some dollars out and once
energy to get some dollars out and once
energy to get some dollars out and once that starts to happen I expand and maybe
that starts to happen I expand and maybe
that starts to happen I expand and maybe you need money for expansion but I hate
you need money for expansion but I hate
you need money for expansion but I hate going into debt especially when you’re
going into debt especially when you’re
going into debt especially when you’re first starting up I strongly advise
first starting up I strongly advise
first starting up I strongly advise against it because it can sink not only
against it because it can sink not only
against it because it can sink not only your business but your entire personal
your business but your entire personal
your business but your entire personal financial future you make one wrong
financial future you make one wrong
financial future you make one wrong business decision and you’re stuck
business decision and you’re stuck
business decision and you’re stuck paying this
paying this
paying this for the next 20 years I know it’s hard
for the next 20 years I know it’s hard
for the next 20 years I know it’s hard starting the business and I know one of
starting the business and I know one of
starting the business and I know one of the biggest challenges is getting money
the biggest challenges is getting money
the biggest challenges is getting money to do it as much as possible try to
to do it as much as possible try to
to do it as much as possible try to start a service try not to spend money
start a service try not to spend money
start a service try not to spend money until you find a way to make money you
until you find a way to make money you
until you find a way to make money you test your concept out on a really small
test your concept out on a really small
test your concept out on a really small scale show that it works before you
scale show that it works before you
scale show that it works before you invest your own dollars and especially
invest your own dollars and especially
invest your own dollars and especially somebody else’s dollars into the cup
somebody else’s dollars into the cup
somebody else’s dollars into the cup into the business if you’re going to
into the business if you’re going to
into the business if you’re going to talk to a bank again the banks are
talk to a bank again the banks are
talk to a bank again the banks are probably the least friendliest two
probably the least friendliest two
probably the least friendliest two startups of any kind of investor they
startups of any kind of investor they
startups of any kind of investor they want to see the three years of traction
want to see the three years of traction
want to see the three years of traction history revenue growth with your company
history revenue growth with your company
history revenue growth with your company and if they don’t have it they’re gonna
and if they don’t have it they’re gonna
and if they don’t have it they’re gonna take a personal guarantee and whenever
take a personal guarantee and whenever
take a personal guarantee and whenever money you want to take out that’s life
money you want to take out that’s life
money you want to take out that’s life dealing with the banks I hope you
dealing with the banks I hope you
dealing with the banks I hope you enjoyed for those of you watching you
enjoyed for those of you watching you
enjoyed for those of you watching you liked the video please give it a thumbs
liked the video please give it a thumbs
liked the video please give it a thumbs up below and I’d love to hear from you I
up below and I’d love to hear from you I
up below and I’d love to hear from you I love seeing the comments come in they
love seeing the comments come in they
love seeing the comments come in they make my morning every day please leave a
make my morning every day please leave a
make my morning every day please leave a comment below and if you have a question
comment below and if you have a question
comment below and if you have a question I’ll do a video response for you if you
I’ll do a video response for you if you
I’ll do a video response for you if you leave a comment underneath thank you
leave a comment underneath thank you
leave a comment underneath thank you guys I’ll see you soon
”
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