Bank Loans for the Nervous Entrepeneur

Lee Lister
 


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Meeting with your bank to ask for a loan for your business is always going to be a challenge even if you have a profitable business. Here’s a few ideas for you.

It’s important to remember that your loan manager is probably a kind human being who has to adhere to the bank’s rules on lending. The basic ones are:

  • That you can repay the loan.

  • The loan is business based and for a reasonable reason.

  • That your business is viable and bona fida business.

    Go to the meeting armed with:

  • Your business details such as licenses etc.

  • An outline of your business and how you see it expanding in the next few years.

  • If you are seeking a large amount of money or have a new business then you must have a business plan.

  • How much money you require and when you need it.

  • How you will spend it and on what items.

  • How your business will benefit, expand or profit from the loan.

  • What collateral you can offer the bank – don’t offer this until asked.

  • When and how you will repay the loan.

    With respect to what you should not say – try not to hide anything – evasion is not a good reflection on your business acumen. If you are asked a difficult question then answer it as honestly as you can – but by putting a good spin on it then you should come out sounding positive.

    © Copyright 2006 Biz Guru LLC

    Lee Lister, writes as The Biz Guru, for a number of web sites including her own sites http://www.BizGuru.us With over 20 year’s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses. Also visit http://www.Clikks.com for some our informational products to help you run your new business. We’ll market it from http://www.FindMeLinks.com

    This article may be freely distributed if this resource box stays attached.

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