“The pitch is simple and alluring: “We will lend you $50,000 and you only have to pay back $60,000 — and you can have the money in a day or two.” But watch out for the true cost of these short term loans – the interest can get you in trouble.
Read the Wall Street Journal article here:
~Norris Lozano, BusinessUS
~Norris Lozano, CEO of BusinessUS, a California-based small business lender
The Wall Street Journal is beginning a new series about Navigating the Small Business Lending Landscape. Says writer Ami Kassar: “Lending for small businesses today is completely different than it was before the recession. Banks have tightened up or fizzled out. Credit scores and available home equity have been hit. And as a result, we now have hundreds of lenders that are not regulated by the same standards as big banks and eager business owners seeking loans. This environment creates compelling choices for small business owners, but can also be dangerous territory.”
Read the short introductory article here.
Here are the stories that were most-read by Wall Street Journal readers in 2013. Enjoy!
~ Norris Lozano, CEO, BusinessUS
No one said being an entrepreneur was easy. The Wall Street Journal wants you to know that starting a business is really difficult.
- Are you willing to bear great financial risk?
- Are you willing to sacrifice your lifestyle for potentially many years?
- Are you comfortable making decisions on the fly with no playbook?
“We hope the Journal doesn’t scare off too many budding entrepreneurs”, chuckled Norris Lozano, CEO of BusinessUS, a non-bank lender to small businesses, “but seriously, it’s hard to dissuade a small business person when the need is strong enough.”
In any case, here are some links for those bold enough to forge ahead:
…and for information on an SBA small business loan, contact BusinessUS.