Five Answers Bankers Need Before They’ll Lend to Your Business

By Ty Kiisel

I don’t think there’s a small business owner on the planet who doesn’t already know that credit is tight and finding the cash to fundLendio_UVBBPostImage_03262013 working capital or fuel expansion isn’t tough. I’m convinced it’s one of the biggest single challenges faced by small business owners right now. Although most small business owners make their first stop at the local bank, only 10 percent of them leave with a check.

When you sit down with your banker, his or her job is to assess whether or not you’re a good risk. Most bankers start with the Five C’s of small business loan qualification. Knowing what the banker wants to know before he asks will help you better prepare for your visit to the bank. Think of it like watching the game footage of your opponents last game. Cervantes said, “Forewarned, forearmed; to be prepared is half the victory.”

 

 

You should also know that no two banks are exactly the same. Some banks might be better suited to your situation than others. You should be looking for a bank and banker that best meets your needs. Hopefully, being prepared will help you improve the odds of getting a loan.

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