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 no money and no connections. I just want to make
sure that you have all of the resources, all of the tools and all of the knowledge that you need
to be successful. This is Noelle, to your success.
