Many entrepreneurs are finding that stricter underwriting guidelines make it nearly impossible to get a loan today. “The negative to a bank is that the loan can often be very hard or next to impossible to obtain,” says Rick Kahler, a certified financial planner with Kahler Financial Group in Rapid City, S.D. “Also, most bank loans are ‘recourse,’ meaning if there is a default, the bank can go after your personal assets as well as any collateral secured by the loan.”
There is some great financial advice on eight ways you can get a small business loan in this excellent article by Karin Price Mueller for the Business Insider War Room. You can read the whole article here.