How to get funding for your business even with bad credit. Hi, I'm Noelle Randall, real estate
millionaire, entrepreneur, mentor, speaker, author, mom of 5 and so much more and in this
interview style video, we are going to be meeting Joe from National Business Capital. He's the CEO
and Joe helps you grow. He helps you grow your business with business funding and that is what
we're going to be talking about in today's video. Joe is going to share with us exactly how to get
funded for your business, what lenders are looking for, what type of lenders you should be going to,
how to get the money even with bad credit and what you should do with the money once you get
it we're gonna go through everything in this video so don't you miss one step. I'm gonna make
sure that you get every secret answered in this question about business funds. Let's go.
Okay, I am so excited to be here with you Joe from National Business Capital. You know so much about
business funds and how to get capital for one's business, how to get funds for one's business
is your area of expertise and I'm just so thankful to have you on the show today. Thank you so much
for joining me. Yeah, my pleasure. Thanks for having me as well. It's great to see you again.
I hope you're well. I hope 2021 was amazing and super pumped about 2022 and happy to be
on your show again so thank you for having me. Yes and you gave so many gems last time. We are just
going to give all the gems. I told people that in 2022 that is my mission. I'm just going to
be sharing everything like I'm just going to pull the curtains back because I'm passing the baton to
all of you other entrepreneurs so we are going to get right into it and let's just talk about
how getting funds for your business, how getting business funding can really help your business
grow. How is that because people are so scared of getting debt so let's talk about that? Yeah it's
actually a really great conversation and just so you know too, like we've helped
a ton of Noelle's followers now get financing and it's it's been a pleasure to
work with your fans and they love you Noelle just an fyi and they appreciate all this amazing
content that you're putting out so keep doing what you're doing. You know it's important to know
you know debt is a good thing when utilized for the right reasons. So I think we've all been raised
and especially like our old school generation, like my parents and my grandparents would say like
never have any debt. Like if you're buying silly things and racking up credit cards on wasteful
things, it doesn't make any sense but if you're borrowing money to go and make more money, it
usually will always make a ton of sense and it's a lot cheaper than giving up equity you
know in your business. Let's really get into that, let's really get into that. How does it help your
business grow? How does borrowing money which seems so contradictory, how does it help your business
get bigger? How could that be? Yeah, well you know most people think when businesses are
doing great that they don't need any money but if you're growing and if you're growing fast, you
actually need more money than a business that's not growing which is really weird.
So let me give you some examples. So you know let's say you have a trucking business. You're
a truck driver, you own your truck and maybe you've got two other trucks. So, let's just say
when you first got started you had one truck. Well if you want to buy another truck, either going to
use your own cash or you go and borrow money. You get that truck and you now have a payment on
the truck, now you need to hire someone, put them in that truck but here's what gets interesting. So
now you've got a truck, you just hired a new employee but now you gotta go do work and you
gotta go deliver things for people. So, a lot of times in business, one like that new
driver you have to lay out a salary for and then if you deliver something for Target or Walmart,
you give them an invoice. They don't pay you for 30 days later so like that money's got to come
from somewhere. So, people will come to us to borrow money for those things to go by the truck,
to have some extra like a credit line to pay that driver, to pay for their gap and getting paid
and then once the business catch up for themselves, then you can pay off your credit line or whatever.
Does that make sense? Okay so give me some ideas. What are some of the things that people, businesses
should do with business funding? You know okay if they're borrowing money, what should they do with
it? So any type of revenue generating things. So a few things like e-commerce businesses,
they're buying more inventory. If they're able to access more money, they can buy inventory in bulk
and they can sell more. On marketing like if you know what's working in your business, you just
need to drive in more leads. Leads could be customers coming to your physical life.
That's a strong one and people don't actually think of that one, about spending money
on marketing on, advertising or on google ads and Facebook ads or billboards and all of that
stuff to drive more business to the business is a great use of business funding. 100%, so and
then marketing equals leads equals customers and hopefully equals more sales and profit. Yeah
and then you're able to pay the debt back. Exactly right and then hopefully you know the
goal is you know when you borrow this money, your company was here, now I borrowed it and got it here
and now from that extra money, I'm able to pay down what I borrowed. Okay, all right Joe so
you have National Business Capital but you guys are not a bank. No, we're not a bank. We
are one of the nation's like leading business financing lenders and marketplace. So tell me about
that. Yeah so I started National in 2007 out of my bedroom and it was just myself and my dog and
one or two friends from high school and it's run into an amazing company today.
we've got a rockstar team, we're an award-winning team and we've built a great platform that has
over 75 lenders on it and we've helped secure over a billion dollars in financing. it's been a
while- 75 lenders. I'm sorry to interrupt. so having 75 lenders, obviously a bank is just you'd have
to go to each bank one by one but with you having 75 lenders, what does that do? Yeah so what that
means and I built this platform and tech and all this stuff. What the heck does all this mean?
So basically what we've done is we've digitalized the process so you can apply
on our website. It's really simple and easy. You can do it under under three minutes. You apply,
it's a digital application. We can do a secure bank connection so instead of you often you know
emailing all of your statements, you can either upload them to us or you can put your
credentials in. We pull in all that information right from your bank, your business bank account
and then basically in minutes we can pretty much get a quick snapshot and understand your
business and then our technology along with really great people here will match you to the right
lender or lenders that we think will be a good fit. So when you apply with us, we'll get all of
your information and we look at everything. We do a soft pull on your credit so it doesn't affect your
credit score but we get a snapshot of what your credit looks like, we look at your business credit.
It doesn't matter if you have it or not, that's okay and then we look at your sales and then one
of our business financing advisors actually calls you. We have real people that work here. We're not
robots like a lot of other companies and we call you and we have a conversation. We want to
understand what do you need money for, what are you looking to use money for.
What are some of the types of businesses that can give business funding or funding for their
business? We work with every business. If you're a business in business doing sales, we can work
with you. We like to say that you're doing at least ten thousand dollars a month in sales or more, the
more the better and we like to see that you're in business for at least a year but if you're a
little bit less, we can still help you. But what's cool is when you apply with us, we have a very
simple conversation. Everyone who works on my team is awesome. It's not this like stiff conversation,
it's not stuffy, there's no technical terms. It's just like hey what's your name, what's your
business, tell me what you got going on, what are you excited about, what are you looking to do with
your company and based on that conversation, if you're the guy that owns a trucking company like
I want to buy trucks then we might use equipment financing and finance it over a long period of
time. So if you're like hey I want to hire some people, we might use utilize a credit line.
So we have every option here that exists when it comes to your business for financing. So if
you want an SBA loan, we can help you with that. If you want a small business loan or a term loan that
has a long period of time to repay, we can help you with that. If you want to find equipment, we
can help you with that and then we have inventory loans and the list goes on. So you know if you told
me that hey I want to go buy a bunch of inventory because I sell things online, I'm an e-commerce and
we might go look at like a a credit line or an inventory loan. If you're like hey, I just bought
a location. I need to build out this whole location, we might look at an SBA loan over a 10-year
repayment term, very low rate or we might go really fast and do like a two-year business term loan
that's really easy to get. Now you don't need real estate collateral and all that stuff so
it really does matter like what's more important is and I say this all the time now like when I got
started most lenders were not online. Like they didn't even have websites.
It was like who you knew you know like yeah and there was all these lenders like...
It was so who you knew and it's funny you said that. It was so like go to your attorney and this
yeah. It was very like weird you know and yeah yeah. So now you google small business loaner,
business line of credit eight million things come up so it's like it's super confusing. So what's
more important today is not about getting approved because we'll get you approved even if you got
the you know bad credit like we'll figure it out but yeah, it's more important are you getting
the right funding option for your business because depending on what you're looking to use
the money for, there's so many different options. Like we've seen people try to use a credit line to
buy a truck but we can finance that truck over a five-year repayment term and then not lock up your
cash flow so you can also go get a credit line. So, you get a truck financing and a credit line
and be like the smartest guy in town you know or a girl in town so you know. So, it's really
important that you're working with someone that gets this stuff and has access.
There's a lot of companies out there that you know say that they're brokers but a lot of
them don't have access to all the lenders and we're always adding the right lenders
to our marketplace. There's also a lot of lenders that reach out to us that want to be in
our marketplace and we say no because they're not bringing any value to the table or anything that
we already have access to. So what are some of the things people should be aware of?
You mentioned a couple you know these brokers that they don't really have all these lenders,
you know getting in the wrong financing. They're telling you you should use a line of credit and
that's a good point you brought up, Joe. I swear because I did some of those mistakes
where I first got some funds and I used the wrong thing for the wrong thing and I could have
have gotten a better situation, better financing and you probably could have
gotten more. You know like a lot of times we find that like now you locked up your credit
and your cash flow but if you would have done this loan, it didn't tie up everything over here
but then once you go by the truck, you can't do anything like because once the trucks bought, like
it's very complicated to redo it all. So, what's important,
I mean it's really the most important thing is working with a group you know like us and I'm
not saying I'm not biased like say if you have someone, you've got your guy
like it's all good use your guy yeah but if your guy doesn't have access to all these people.... You
guys are a good guy and you know so it's really understanding and beyond.
You got to be able to talk through like what you know you're looking to accomplish and then
there's probably usually more than one option so you want to be able to talk about that with
somebody. So one last thing because sometimes people get really discouraged you know
you can get people funded I've seen you like you said up to five million dollars of people getting
approved. I've seen hundreds of thousand, five hundred thousand and I think you know I've seen
a lot of that that's been a good number. I've seen a lot of people get approved for up to five
hundred thousand dollars but say you don't qualify you know for five hundred thousand and you can
only get this small guy, you know maybe only twenty thousand dollars or just something like that.
What should they do with that? Should they still take the loan, should they still borrow that money
for their business and go forward with just a small loan? It's a really
good question and it happens pretty often and most people, most business owners when you know
being an entrepreneur, you like automatically type A personality. We like a million
bucks for my business and I wouldn't say that me or Noelle are not type A at all by the way.
Like you and everybody else like we always think big most entrepreneur.
So we always want like give me a half a million, I'll go and just do it and and I
respect that and you probably will but if you can't get it like all of it, you've
got to start somewhere and you know we always just want to do things big and we want it now
and today like we're so spoiled. We want everything yesterday but I would say hey if your
business doesn't qualify for half a million, that's okay. Start with whatever it is that you can get.
More importantly build a relationship because you're going to need a financial relationship as
you do your business. Now you're talking and that was one of the mistakes again that I
made and you really pointed to. Like you said, we were talking about this and laughing so we're now
putting it online that Noelle wanted like a million bucks for a business and was like why can't I just
get you know and they told me like just take the 20,000 and it really does snowball. You
create those relationships, you pay that money back, they automatically- if you're a good debtor,
you know they are a good lender. You really become partners. They're almost like a partner
in your business. It's a great point when we look at all of our customers like
we're your financing partner and you know when you do work with us, it's not just about like we
get one deal done, we never talk again> We have a whole team here that you have access
to, they'll be your relationship managers and we're here to work with you as you grow
and then the cool thing is is when you know because we have access to all those lenders,
you start whatever you can, put it to good use, get your business to the next level, you don't even
have to be fully repaid back on your first deal. We can reevaluate everything and re-look at it.
As you grow, your other programs start to open up. So maybe you can get an SBA now or
maybe you're looking to buy a piece of equipment, we can finance that separately. Maybe you did a
term loan now we can give you a credit line. Maybe we can refinance everything, stretch the term out
and give you more money. So, it's not just about the first deal and it's not just about using a bank or
an online lender like you should be making a local like have a relationship with a local business
bank, utilize an online lender, maybe get to a certain point where raising or selling some
equity makes sense but it's not just about doing like as your business grows, it's a
combination of everything and relationships are the most important thing and the most successful
business owners have great relationships and absolutely have great findings in relationships.
I love it. I love it you know another thing that absolutely first of all I love your hats
that say grow. You gotta send me one of those hats. I got your little yeti thing that I love
and I probably can't find it but I have it but I need one of those girl hats, Joe.
I will send you one. I love that you guys are educators, you know what I mean? I think that is
so freaking important to our businesses. Yes, that. We have somebody that can help us and learn this.
I was not a baby crawling around, knowing all this stuff about being an entrepreneur and
learning about business funding and business capital. It's people like us that we're able
to share information and teach each other and that's how we're able to learn so I'm thankful
for your company. I thank you for sharing so much information, Joe. Can't wait to get my hat
and I will thank you so much seriously. How can people reach you guys?
Yes well thank you, Noelle, I appreciate it and we're here for that reason like the mission
of our company is driving growth for all and we're doing that through helping people get
financing but also things like this that's the whole reason why I started my Grow by Joe channel
is to offer other things to help people grow because like we you know I started my company
from nothing and I had to go through all those challenges and mistakes so if I could share some
of them and make it easier for you, that's why I do what I do, that's why Noelle does what she does
and you know we all have had some sort of great mentor behind us. It's super important to
utilize them but you know how can you find this? Well you can follow me at Grow by
Joe and you can check out my team at nationalbusinesscapital.com but also in in
the description below there'll be links in there. You can apply right on Noelle's you know page,
that's co-branded with me and her and the team will take some extra and little extras TLC
and care. So, make sure you apply down there and uh more importantly if you have any questions, just
click on that link below. There's a phone number in there, you can speak with my team and we're happy
to talk through all this stuff. You know it we make it really easy and financing shouldn't
be difficult and you should know your different options and understand it. So you know we're here
to help explain things and don't worry if you don't understand all this stuff, we get that, that's
why we're here and we'll never make you feel like
you're not smart enough to talk to us, that's not our attitude. You guys are so awesome.
Well, great stuff and make sure you do you keep growing because that's the most important thing,
that's right. Wow, that was an amazing episode. I really hope you learned a lot. I have created
a special training that I'm gonna give to you absolutely free. Do you want to learn real estate
and how to start from real estate from scratch with almost no money using the formula that I did?
Well go to noellesfreetraining.com and check out that full training. Again noellesfreetraining.com,
that's Noelle n-o-e-l-l-e with an s. noellesfreetraining.com and take this hour-long course
where I will teach you in-depth, in detail how to invest in real estate starting with almost
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the tools and all of the knowledge that you need to be successful. This is Noelle, to your success.