Applying for equipment financing or working capital loans should not be like a blind date. You only tell each other your best things and omit the less good ones. The analogy of the application process should be more like running for a public office, where everything hidden in these closets will appear. It makes sense to put all the cards on the table, because tax liens or defaults are discovered late, and even years ago, it may undermine your chances of approval. It also reduces your chances of working with the financial agent again.

This way you will not waste your time and the lender's time. When applying for commercial financing, you will disclose all negative news from the beginning. Include detailed descriptions of these events where possible; medical issues or key customer departures may be valid reasons for financial downturns in your business and can sometimes be overcome when approved. If you have documents; letters, statements, …

Equipment Finance: Blind date or campaign office? was originally published on Spring