Do Banks really care about Entrepreneurs?
Now that carnival is over, I really wish that our local banks and lending institutions would stop masquerading as advocates for assisting small businesses get off the ground. Last time I checked, the word “small” could be defined as “a size that is less than normal or usual” but yet still, a small business is required to present the same documents as mid-large sizes companies do in order to be considered for a loan. A small business is not the same as a medium or large business. One could be fooled into thinking that a business bank account would be as easy as one, two, three. This was certainly not the case with me. I remember approaching a particular bank to open a business bank account and I must admit, it was the worst experience ever. It was almost like they were trying with all their might to deter me from opening a business bank account. They asked for so many documents that it made me feel as if I was on the FBI’s most wanted list.
After being turned down by numerous banks that claimed to offer loans to small businesses, I decided to approach a well-known Entrepreneurship development company, whose main mandate is to develop small and micro businesses. To my astonishment, I was told that a loans officer would contact me within a month and a half to begin preliminary discussions. So here it is, my business needed a quick insertion of capital in order to launch a product/service, and/or expand business operations, and I am being told to wait for almost 2 months to have preliminary discussions, which is absolutely ridiculous. As an entrepreneur, it is extremely hard to secure start-up capital with neither the banks nor the lending institutions willing to take the risk associated with funding small businesses. How could the country move forward if banks and other lending institutions refuse to tailor loan programs for small and upcoming business? Therefore in closing, I pose the question; do banks really care about entrepreneurs?
The views of the above entrepreneur are not necessarily the views of the T&T’s Entrepreneurs Magazine.