Thursday, July 7, 2011

How Do You Rate - For Funding?

You've heard of Match.com.

Now there's Boefly.com, an online matching service that connects small business borrowers with lenders, using a compatibility tool similar to the online dating sites.

Boefly has recently put out a "fundability wizard" that gives you a ballpark idea of how "fundable" your business idea or company truly is.

An interesting innovation - one of many tools the Internet is offering up to help small business owners. The problem, of course, is that so few small business loans are actually being made these days.

There's still a chronic shortage of credit, and as a source of mine told me recently, it's a seller's market. So banks can require all sorts of extras from small companies looking to get funding, and they have little recourse but to comply or scuttle their applications.

I'll be writing more about that problem in the column shortly. Stay tuned.

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