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Let’s face it, for most small businesses, the loan process ranks right up there with root canals, bee stings, and paper cuts. In other words: it’s painful. It doesn’t have to be. It’s no secret that the past few years have been hard on small businesses in a number of ways, and the struggle to access sufficient credit has only accentuated these difficulties. The good news is that there has been an uptick in small business lending recently, and while securing funds is easier than it was a few years ago, it is still a very demanding process. By taking appropriate steps to prepare in advance, small business owners can dramatically increase their chances of securing loan approval.
Companies that are looking to grow often use a loan’s proceeds to help fund increased working capital, to purchase/upgrade equipment, hire additional employees or produce more goods to sell. Marc Scheipe, Chief Financial Officer, Sage North America, and a former small business owner, offers the following tips to small businesses that are seeking funds to support their growth.
Marc Scheipe serves as chief financial officer for Sage North America and was most recently with Ally Financial, Inc. (formerly GMAC) as its chief financial officer of global business functions. Before joining Ally, Marc was the CEO and president of FrontStream Payments, Inc. Marc also spent several years at Bank of America in various sales and operations leadership roles including card services, small business and bank/partner sales.
Marc started his career in the United States Navy as an FA-18 strike/fighter pilot. While in the Navy, he attained the rank of lieutenant commander and held various roles in operations, training and maintenance. He is a distinguished graduate of the U.S. Naval Academy and earned his MBA from Harvard Business School. In addition, Marc is a certified Six Sigma Black Belt and a TOPGUN graduate.
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