First Time Business Loan-Be Prepared
If you own a small business, you probably don't like the idea of going into a local bank and applying for a business loan. You walk in and have to make your case for why the bank should give you money. Even worse, the bank will often ask you to sign your firstborn just to secure the loan. Well, banks act skeptical for a reason. They are not playing with their own money and there is always someone watching to make sure they are being responsible with commercial lending
The easiest way to impress your commercial lender is to be organized. And being organized a lot of times meaning coming in with some kind of plan. This gives the impression to the banker that you have thought through how borrowing this money would improve your company and your business. So, if you are buying a building, show how much you will save in other areas as a result of the purchase. Or maybe how securing a line of credit will save you money with bulk discounts. Show them how buying a piece of equipment will result in more revenue for your company. Prove this to them if you can. This gives the bank a complete picture of your situation and tells them you thought through the process.
Strange as it may sound, most small business owners do not do these things. They walk in and try to tell the bank that based on a good history with their personal checking account, that they should be approved for a loan based on their word that things will go well. This isn't the way banks like to operate. Now, if your company financial statements show that your company can support a prosposed loan payment, then you are in the clear. But, if that's not the case, then be prepared to make your case to your banker. Its a good idea in the long run!
Dave Roth runs http://www.small-business-finance-tips.com which is a site devoted to educating small business owners on financing options. The site includes information on startup business loans, commercial mortgages, and business lines of credit . Dave worked as a small business loan officer for many years and now owns and runs several retail locations in Illinois.
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