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Entrepreneurs on Fire

How to Get Funded After the Banks Have Told You No with Brett Denton: An EOFire Classic from 2021

Sep 11, 2024
28:21
Snipd AI
Brett Denton, founder of KvellFit.com and AtoZBusinessFunding.com, shares his journey through the tough world of traditional funding. He reveals that over 95% of businesses face rejections from banks, urging entrepreneurs to explore alternative sources instead. Key strategies include preparing financials in advance and enhancing your profile to attract lenders. Brett emphasizes resilience in business and encourages gathering insights from seasoned entrepreneurs to navigate the complexities of securing capital, crucial for long-term success.
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Podcast summary created with Snipd AI

Quick takeaways

  • Access to capital is essential for long-term success, as poor funding decisions are a leading cause of business failure.
  • Preparing your personal and business financial affairs thoroughly before applying for funding can significantly increase your chances of approval.

Deep dives

The Importance of Access to Capital

Access to capital is critical for long-term business success, with studies indicating that 82% of business failures are due to poor cash management resulting from a lack of funding. Entrepreneurs often bootstrap their businesses, but as they aim to grow, unforeseen expenses arise that require additional capital. The failure to secure funding can stifle growth and lead to business failure, especially when many small business owners report being denied by traditional lenders. The ability to manage and deploy capital effectively is essential for overcoming challenges and driving business expansion.

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