I was fortunate. I was listening to the conversation but they weren’t talking about me. Oh, I have received the calls and by the hundreds. You know the ones: “You’ve been pre-approved for a $300,000 business loan.”
That’s the robo part of the call. If I follow directions and press #1, or stay on the line, I’m soon talking to a real person who is well rehearsed in reading a script that is designed to reel me in so that I’ll take them up on their offer of a business loan.
Do they actually provide loans? You bet they do though many who take them up on the offers later come to regret the decision. This brings us back to the conversation where I was an uninvolved witness to the discussion.
With some desperation in his voice, a small business owner was describing his situation to Tom Sellars, with Today’s Business Funding and Credit, LLC. The business owner was turning to Tom for help after signing up for one of the loans offered through a recent telephone solicitation.
In a way, Tom is in the same kind of business. But, there’s a big difference; Tom doesn’t provide loans, though he helps business owners achieve the funding and credit they need. Another big difference is that people don’t later regret Tom’s help. In fact, there’s no reason they would. That’s not the case for the folks receiving the kind of robo-calls described above, such as the person talking to Tom about a loan he regrets taking.
What I heard amazed me. This business owner had borrowed $45,000. Now, he had to make payments five days a week for 14 months. And when he was done, the payments would equal almost $65,000. I was stunned. And, though I was sympathetic to the business owner’s plight, I was also that much more appreciative that I never nibbled on that hook when I was called.
Tom gave the business owner the bad news: “There isn’t much I can do for you now.” The business owner had signed for the loan and now he was stuck unless he could find an alternative to pay off the loan. Even then, the cost would be regrettable.
These are pie-in-the-sky loans that they offer while preying on the hopes and fears of business owners. Money that comes that easy has to come with strings attached and these are the kinds of strings that can pull a business down as sure as the funds might help raise them up.
Tom works differently. There’s no wishful thinking involved, though the system he offers is easy to follow. And it’s legitimate. It’s about building credit and accessing funding, as an old television commercial used to say, ‘the old-fashioned way – earning it.’
You don’t get in over your head, you don’t find yourself making daily payments you can’t afford and you don’t find yourself overpaying for a business loan.
The truth is that business funding and credit are real assets that can make a remarkable difference in a business owner’s success. The trick is to avoid the charlatans with offers that sound too good to be true. If they sound that good they almost certainly are too good to be true.