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One thing about today’s economy is certain: getting a no doc banks’ business line of credit is not a very easy task. The business lending world of today often presents a number of challenges that were not seen in years prior, but not to worry; if you know what you are doing, you will have little difficulty.
You will certainly want to rule out the larger banks and corporate lenders; these tend to run you into the problem of having to abide by very strict and very extensive rules and regulations. These rules and regulations are not often conducive to letting new entrepreneurs into the game, so you will probably be better off going with a smaller bank or a small private lender. These organizations are very effective at getting you off to the right start by allowing you to speak with a representative that is more than a mere mouthpiece for the corporation. Whether you will furnish documentation or apply for a no doc, banks’ business line of credits are also best played out through smaller banks.
You may also want to consider applying for a government loan. Government loans are easy, reliable, and easy to come by in the modern economy, thanks especially to recent monies allocated by the TARP bill. The money available now through the stimulus package has helped get the SBA back up on its feet after a long stint of becoming nearly defunct due to the various political obstacles that it encountered over the past two decades.
While it may seem impossible, you can actually rest assured that this gives you some degree of an edge; the perceived difficulty does not just apply to you, it applies to everyone else. If you break the illusion and pursue what you want, you will find little competition getting in the way!
