Wise Man Finance
♫ Friday, July 8th, 2011
LAS VEGAS, March 11, 2009 — While big banks refuse to loosen their grip on credit, one business consulting firm wants small businesses to know the news is not all bad. In fact, by working with smaller business banks, Wise Man Finance (WMF, http://www.wisemanfinance.com) is able to provide funding for new and established small businesses in spite of the deepening recession.
Offering revolving lines of credit, streamlined Small Business Administration (SBA) loans and equipment leasing, WMF is filling a need shared by most small business owners and franchisees: the need for easily accessible funding, especially in the start-up stage.
“Big banks are usually tailored to larger dollar transactions, typically $100,000 to $2,000,000. They say there’s not enough profit in working with smaller loans,” explained Joseph Ferriolo, CEO of WMF. “In addition to that, they want to look at the applicant’s financials, they want to see a track record of being in business for at least two years, they want to make sure the applicant is showing a profit, and they want collateral. Many times, that’s a lien on the applicant’s home.”
In contrast, WMF works with new and existing businesses. The firm does not ask for business or personal financials, and even in the case of SBA loans, applicants are not required to provide collateral.
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