The reality is that in the business financing world, not much is going to happen after December 15th in any given year and the progress on applications and funding requirements in the two weeks prior will not likely be moving at any great rate of speed either.
And once we hit the middle of December, everything basically comes to a stop until the second week of January.
So if you you’re just starting a search for business financing, or you’re in the middle of an application to one or more lenders, then be prepared for things to slowly grind to a halt in the days ahead.
While the same can be said for other industries as well, this is especially true in the field of business financing due to the number of individuals that can be involved with any one particular file.
And the more complex the financing requirements, the less likely anything will get completed from the middle of December through to the middle of January.
It only takes one key person in a deal to be away to prematurely grind things to a stop as well. That can be an accountant, lawyer, insurance broker, appraiser, environmental consultant, dealer, underwriter, and so on.
So even though the actual lender you’re dealing with may be open for business and ready willing and able to move the file forward, there can be outside elements that are required to be completed that will hold everything up until the new year when everyone is back in action.
The key message here is that December business financing activities can be very much like beating your head against the wall and the holiday time is more likely better spent on other things.
If this year marks your first experience with this sort of occurrence with your business financing activities, then please make a mental note of it for future years so that next time you will consciously get things started sooner, or at least allow for the down time and not try to push a rope up hill during the holiday season.
If you’re trying to get a deal funded and are near the end of the process, a full court press may get things done, but don’t count on it.
Being at the mercy of others is never any fun, but working to hard against what is inevitable is likely going to be even worse.
The year end time period is a good time for financial performance reflection and planning for the coming year. Much of anything else in the area of business financing is not likely to be fruitful.