
Look up “business finance” on the internet and you will find Commercial Loan Brokers (CLB’s) all offering the same thing, a one stop solution for every kind of business financing need. Offers include quick fundings with low rates requiring very little information which is impossible. The temptation to click is too great for those in a hurry and unaware of their options.
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Imagine a world where the internet is the only place for business owners to get information about financing. All they would see is “low rates, easy qualifying and quick payouts” and “click here”. Everyone knows it’s all lies but apparently okay to say because it’s just Sales.
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The last two years have been the greatest journey I’ve ever been on, from unemployment in the middle of a pandemic to where I am today. I’ve been able to combine my decades of experience with a new and improved set of business financing tools in a high-tech environment. I continue to learn something every day and it has truly been a venture into the unknown.
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No one has asked me this question but I’m sure some are thinking it and the answer is “a lot”. Vikings were highly successful entrepreneurs and there are many lessons to be learned from them. I am a proud second generation Norwegian who has worked with hundreds of business owners, seen spectacular failures and great successes and my role today is to share what I have learned.
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It is tough to figure out how much working capital a SME will need in future. There are too many assumptions. Alternative financing offers a simple and flexible solution to this problem by being transaction and asset based. True success will still depend on HOW the SME owner spends the cash. [continue reading…]

“Fintech lenders” have more to do before I call them “artificially intelligent”. The pandemic was a blindside but they seem to be operating the same way they were before. They continue to focus on historical data to fine tune “algorithms” to predict the success or failure of a loan.
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I haven’t Blogged for a while as I was selling our house, launching the kids, and downsizing into a condo. True Viking Finance also had a busy first year. I look forward to 2022 but I think we all should enter it slowly so happy new year.
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These are unprecedented times and all levels of government have responded by becoming active in funding small businesses, everything from emergency funds and grants to government guaranteed loans that are done within days. It confirms how important small businesses are to our nation’s overall welfare. Business owners should take advantage of everything that is being offered but should not borrow more than they need, and they should have a plan to pay it back. [continue reading…]

Every time someone starts a conversation by asking “what is your interest rate” I should just hang up. The chances of me doing business with them are slim. They are either looking for a “bank like” rate and shopping around or I will explain the facts and never get a call back. [continue reading…]

Today, all SME lenders begin their application process by checking the business owners personal credit score. Whether applying for $10,000 or $500,000 if the number is too low the applicant is declined. If the number is high enough there could be an approval within hours and a payout within days. [continue reading…]