How to get Small Business Loans in 2020?

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I would say getting loans at a company

like funbox

is a good idea for your business if you

have contractors because in today's

video I'm gonna talk about my experience

with small business loans I've borrowed

and paid back has to be over two hundred

thousand dollars at this point I'm Alex

Berman I've generated over ten million

dollars in sales for our companies I'm

the CEO of a company called the quadrant

which includes x27 which is a marketing

agency and email 10k which is a course

on how to help you start and grow your

business so let's jump into it we'll

talk in this video about why to get

loans my personal experience with

business loans I'll give you a

recommendation a couple sites that I

like when it comes to borrowing money

and then we'll talk about whether or not

it's even a good idea to borrow money to

start your business and I'm going to

talk first about why why get loans for

your company now I've talked about this

a little bit over the years but I'll

talk about it again because that's okay

when I first started x27 when I first

started my marketing agency I didn't

really understand how businesses should

work so I ended up putting a bunch of

money on credit cards I went about

$20,000 in debt we hired a salesperson

we hired production me not we I'm used

to speaking in the Royal we all right

it's a royal week I hired a sales person

I hired production I spent a lot of

money I applied for a bunch of credit

cards that I shouldn't have been

approved for that I was approved for and

ended up 20k in debt but guess what it

really got me going an entrepreneurship

to the point where I do recommend if you

can if you can find 20 40 K to start a

business as long as you got a decent

idea and you're open to change it's

worth doing who cares you know worst

case scenario your business doesn't work

out you go bankrupt or you don't pay

your bills you know best case scenario

you're able to use that debt to improve

your life and make your dreams come true

and I know it's a weird thing to say but

like you come here for the truth

I'm probe debt when it comes to living

your dreams for sure so that's one

reason people get loans for business one

you get a loan to start a business and

that is what I did got a loan

aka put a bunch of stuff on a credit

card to start my company ended up

spending a lot more because

of the high interest rates of a credit

card so if you have the opportunity to

get friends and family money or

something like that to start your

company or you have the opportunity to

bootstrap meaning sell and build a

business off of the revenue that your

customers are paying you

I recommend that instead to the nth

degree you know do that if you can do

that the other reason people get loans

is to keep a business afloat

so especially when we had a lot of

contractors at x27 we used to run into

cashflow issues when we had a few

clients and they were paying us but

maybe they would pay us on the 30th and

we would get big lump sums of cash at

various times and we'd have hard

deadlines in which to pay our contractor

it's like let's say our contractors all

had to be paid on the fifteenth and one

of our clients would pay us on the 18th

we would use loan sites to bridge that

gap to make sure that everyone got paid

on time and the site that we use the

most is a site called fund box fund box

com and what this allows you to do and

what it allowed us to do is you can go

to this site and they'll give you a

short-term loan you pay a little fee and

they'll give you you know a few thousand

bucks which you can use to pay your

salaries and there's a ton of other

companies like fund box this is the only

one I've used if you want other

recommendations I mean there's on deck

loan builder from PayPal Foundation when

do bluevine like there's a ton of these

other ones if you just google around

fund box is the one that we've used and

it's automated they'll give you the

money pretty quickly what it used to be

is you would submit the invoices so

let's say you invoiced a company $20,000

funder box would loan you $20,000 based

on that invoice and what it turned into

is now especially under a certain amount

they'll just pay you and then they

expect you to pay it back within a short

period of time you just paid off weekly

it's pretty easy to do is it a good idea

for your business I would say getting

loans at a company like funbox is a good

idea for your business if you have

contractors because nothing makes

somebody want to quit more than when

they're supposed to be paid and they

don't get their check if they're just

sitting there even by a day or two

people will start leaving your company

we've had people quit over not getting

paid so fast and long

term consequence even if they do stay

and they miss a check their morale is

gonna be screwed up meaning they're

gonna work less hard for your business

for the rest of the time that they are

employed there which means from the day

that you don't pay them it is now a

ticking clock to the time you have to

fire them for underperformance which is

very sad and it always sucks to let

people go but it's it's necessary

so get your loan so you'll get get a

little bit loans get yourself in a good

spot cash flow wise so that your

employees don't get sad and quit or look

for other jobs this video is brought to

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email and that's why to get loans you

get loans to keep the business afloat

and that's why we've gotten loans so

that's everything I got to know about

small business loans there are other

places you can go and you can apply for

small business loans and doing all that

but on this channel I only talk about my

personal experience this is my

experience for the loans what is your

experience with business loans let me

know down in the comments I would love

to talk about it and if you don't want

to get a loan you want to bootstrap your

company you want to get some more

clients I would check out email 10k it's

a free presentation we put together all

about how to make money selling to

companies that can actually afford you

so check that out at email 10k com I'm

Alex Burman and thanks for watching make

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will see you soon all right take care