Funders, dare I say people who claim to be funders, most of whom are brokers of a type, are a dime a dozen on social media. The numbers of unscrupulous types on the Internet, professing to be bonafide funders is astronomical.
Social media is swamped with so called funders who blatantly violate every rule in the book. These non funders use gmail, yahoo, and host of other suspect email accounts. Few if any are licensed and they need to be reported. That said there are many genuine funders and facilitators providing real financial services but clients seeking funding need to understand that acquiring business finance is a two-way street.
When things go wrong, meaning they don’t go the way a client expects, don’t blame the (honest) funders it’s probably their own fault.
Project funding is serious business conducted by serious funders and investors. It is not for the thin-skinned or faint of heart. It involves risk, reliability, and honesty.
Someone unreliable can’t be trusted to do something. Things can be unreliable too, like a bike with a wobbly wheel. The word rely is a clue to what unreliable means. When you can rely on something, you can count on it — it’s reliable.
When you initiate a funding procedure be reliable and be available. When an investor has to call you back three times because each time he received your voicemail, you’ve in effect taken yourself out of our own funding request. Why would an investor offer funding to someone who doesn’t answer their phone?
A high percentage of fund seekers want the money as quickly as possible. That, we all know. But to not be available when the investor calls shows more about you than perhaps you realize. This refers to KYC – know your client.
Having your project funded is not science, yet many who want funding appear to work harder on not being funded. Perhaps some of think that investors go to work each day and sit at a big desk waiting for their telephone to ring, and then write a check, same day.
Shopping a deal is fine if you’re looking for residential real estate or automobile money, but when seeking business finance that strategy works against you. Contacting several brokers, consultants or direct funders at the same time is the best way to not get funded.
In the commercial sector when a client behaves in this manner the word on him spreads like wildfire. He’s branded a shopper and not serious and rarely, if ever, gets funded.
Finally think about this. How can funders possibly be at fault for not funding a project? If a client doesn’t qualify, he doesn’t qualify and thinking that a different lender would approve him is childish. if a client can’t take no for an answer he shouldn’t have applied in the first place. Funders are not in the habit of providing funds to every Tom, Dick, or Harry that makes an application. They play by rules and when clients do not conform to those rules and don’t meet the funder’s requirements they are not funded.
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