A commercial mortgage broker offers tips to avoid the pitfalls of applying for a new business loan.
CHARLOTTE, N.C. — Charlotte is growing, and so is the number of new and small businesses. According to the U.S. Small Businesses Administration, there has been a 62% increase in small business loans since 2019. It can be an exciting time for motivated entrepreneurs, but also a stressful one if you’re not careful when applying for a new business loan.
Elijah McCoy is a commercial mortgage broker aiming to help entrepreneurs obtain loans for their business ventures. McCoy said the main challenge is not knowing where to get the funding for the business. This is the stage where poorly-prepared business owners can get fleeced.
“By not having your ducks in a row, you’re vulnerable,” McCoy said. “A lot of times what scammers do is they’ll say, you may get an email, text, or call, ‘Quick apply for a loan when we’re giving a 2%. Rate of 1%. Hurry, hurry, hurry.”
McCoy said if it sounds too good to be true, it probably is.
“Scammers promise loans will happen in one to two days,” McCoy said. “Loans typically take 30 to 60…
