You have the business idea. Now you just need the funds to launch it. This is the time of year when frustrated employees dream of becoming their own boss. It’s great to have a business plan, but even more important, you need to have the funds.
The community bank has historically been an entrepreneur’s best friend. When you needed a loan for launching a business, bankers were eager to shake your hand.
Not so anymore. Tighter regulation is making it more difficult for banks to profit on smaller loans. Today, banks reject roughly 85 percent of all entrepreneurial loan applications, according to the Small Business Administration.
