For more information, please contact:
Douglas G. Martin, CPA
Principal
618.233.0186 | .(JavaScript must be enabled to view this email address) | vCard
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1. Choose the appropriate bank. Many lenders specialize, so make sure the bank you approach does business with companies of your size and industry and for the amount you're seeking.
2. Show good character. Lenders make loans to people they trust. Check that your personal and business credit records are free of damaging errors. And when meeting with bankers, always speak, act and dress professionally.
3. Prepare paperwork first. Don't waste your banker's time. Be prepared with a detailed business plan and complete your loan application with all supporting documents before you meet with a potential lender.
4. Anticipate questions. Lenders will ask how much you need, what you'll use it for, and how and when you'll repay it. Be prepared with detailed answers.
5. Be confident. Loan officers will take their cue from you, so avoid making negative or apologetic comments about your business and application. Exude enthusiasm and confidence and you're more likely to gain lenders' trust. •
Other articles in the January 2012 Edition of Business Matters: