Gerri Detweiler, business financing and credit expert at Nav, advises new entrepreneurs on how to successfully finance their growing business.
Gerri Detweiler
Business Financing and Credit Expert, Nav
What obstacles do new business owners often face in financing their business?
The average business owner spends 30-plus hours searching for financing. When you’re trying to run a business, that’s 30 hours that could be spent growing your business. It’s no wonder that business owners eventually give up and take the easiest financing they can get, even if it’s more expensive and not the best fit for their business.
That’s where Nav comes in — we’re cutting through the chaos by bringing business owners transparency to the data that’s used by lenders to make real approval decisions. We connect that data to the real offers in our business financing marketplace so you can save time and apply with confidence.
What’s one of the most common mistakes when it comes to financing for a small business?
The business financing space unfortunately has plenty of pitfalls and dead ends for business owners, making it difficult for business owners to avoid making some mistakes without expert guidance. One of the most common mistakes is applying before you understand the full qualifications required to get approved. There are over 44 different kinds of financing (including business credit cards), so many business owners will apply for anything and everything they can to see what they can get approved for. Unfortunately, that can seriously impact your credit and make it harder to get the money you need.
What’s your best advice for a small business owner looking for financing to grow their business?
It’s really simple — know your data. Without knowing how a lender sees you — your business credit scores, personal scores, time in business, revenue, and personal income are vital data points to almost any lender — you’re flying blind. Understanding the data on your business credit reports and monitoring them regularly is the key to getting the money you need to grow your business.
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