Bank loan

Tried For A Bank Business Loan, Lately? If you’ve tried to get a loan from the bank for your business lately, you know it’s no slam-dunk. The promos for SBA loans and loans for minority or women owned businesses sounds great, but when you get nose-to-nose with a banker it’s another story.

Initially submit a brief overview of your loan request. In this overview include: Excerpts from your business plan about your business concept, management team, and financial projections. Credit history overviews of the principals of your business.

If you’ve dazzled the loan officer sufficiently and have obtained an appointment to meet with him, then it’s time to prepare the “big guns”. Include Credit reports on all principals, a complete and impressive business plan, and collateral and capitalization information. Plot your most realistic estimated cash flow and bank account balance. Collateral may be needed to satisfy the lender’s angst about repayment of the loan, and unfortunately most small businesses have too few assets to satisfy this need.