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Other options for obtaining a loan

READ MORE: Other options for obtaining a loan
The current state of the economy has banks tightening up their restrictions on issuing loans. This means it may be more difficult for you to get a loan, but do not give up there are other ways. There are places in Wilmington that can give you loan with fewer standards to meet than banks - and with comparable interest rates. Chris Tyron and his business partner have been dreaming of owning a canoe and kayak business for years, but after getting shot down by banks, they thought it would never become a reality. "They wanted second mortgages on our homes and that was a little scary because if we failed we were going to lose our houses," said Tyron, owner of Hook, Line and Paddle - Canoe & Kayak Outfitters. Chris did a little digging, and found Self-Help. "They were more of the type of institution that looked at people like myself and my partner Ryan and said, ‘What are these guys? Can they probably do it? What do they have? What can they do and how can they make it work?’" Self-Help is an organization aimed at helping people get mortgages and small business owners get loans. Interest rates are comparable to those of banks, but the standards to obtain loans are not as high. Ken Jernigan, a Self-Help loan officer said, “We attract depositors because they believe in this mission. They want to support an institution that wants to, at the fundamental level, build wealth in the community.” If you need a loan for your business' equipment, you may be in luck. Piedmont Equipment Leasing offers loans at a comparable rate with less stringent qualifications. “Our funding comes from many different banks and different sources, so what would be a problem with your local banks may not necessarily be a problem for us,” said Jim Blizzard of Piedmont Equipment Leasing. So before you give up on your dream, dig a little deeper, there are people out there willing to help. Over the past year both Piedmont Equipment Leasing and Self-Help have seen a 50 percent increase in loan applications, and have increased the number of loans they issue. You can use the following information to contact these companies. Self-Help: 910-442-1022 Piedmont Equipment Leasing: 800-762-9731

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Great Article

This is a very positive article. Glad that there are other options for small business owners to acquire financing for equipment and working capital. With the banks tightening up credit nationwide it is good to know there are better options out there to keep America's small businesses open and running. Small businesses are the heart of America!!