Get A Biz Loan By Being More Than Just a Number
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Borrowing money from a bank is one of the first things we think of when it comes to funding our business.
Oftentimes borrowing money from a bank is where our minds turn to first when we think about starting a business.
However, a part of a successful business planning strategy is to adopt an effective business banking strategy.
- You've got to practice viewing your business from the banker's perspective.
- How is it that your business will help the bank to achieve it's investment goals?
- If you can't answer this question, then how can you expect the banker to respond to your request for a loan?
Getting a business loan is a strategic process.
- You have to be able to put yourself in the banker's shoes.
- Ask yourself if you've presented enough financial evidence that you business will help to earn them money.
- This is your responsibility - not theirs.
Performing the Business Banking Assessment will dramatically increase your chances of securing a business loan.
The key to business banking is to get to know potential bankers and their business funding strategy before you need a loan.Each business banker has his/her own banking investment strategy to preserve.
- Some bankers actually welcome new business funding opportunities while other's steer clear from it at all costs.
This is way you may find it easy to get a loan with Bank A, but not with Bank B.
- You'll get the loan with Bank A business it has a lending strategy that is congruent with the financial strategy of your business.
You have to figure out the best way to get to know your banker and his/her business investment perspective.
To find a bank that is willing to give you a loan, you have talk to the president of each bank that interests you and ask about their business funding policy.
- Some bankers are actually on the prowl for new business investment opportunities.
- You'll actually find many of these bankers by attending your local chamber of commerce or attending one of their small business financing classes given at your local Small Business Development Center.
- Start by talking to the ones that avail themselves at these and other entrepreneurial events.
- If you can't locate any, then start scanning your local banking community to see if there are any potential matches.
- Or, you can drop into your local Small Business Development Center and see if they have any advice for you there.
- Talking to bankers is an essential step in the business banking process.
- Because your chances of getting a loan for your business are significantly increased if the banker has had a chance to meet you in person.
Don't pass up the opportunity to secure a loan because you were afraid to talk to a banker.
As with any industry, the banking industry is filled with some bankers who will give you the luxury of their time, and other's who won't.
- Don't let one banker's response to you sway you from speaking to others.
- Remember, each banker has his/her own investment strategy.
- It's really about finding that bank that has a business investment strategy that matches your line of business.
Business banking is a business. Never Forget This.
Bankers are often on the lookout for that investment opportunity that is in alignment with it's own goals.
So, do your business banking homework and find out which bank would be better suited to provide you with your loan.
- Give yourself an edge by checking out Che Lin's Small Business Bank Loan Tips.
- There, he gives you 9 ways to improve approval rate of your small business bank loan.
Wishing you a successful new business,
Signed: Latarsha Lytle, MBA business strategy mentor and motivational coach
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