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Bank Managers - So Necessary for your Business But....
Written by:Article Overview: 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.
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Bank Managers - So Necessary for your Business But....
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.
Is your slogan authenticated by your story?
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Article Tags: amount of money, business acumen, business details, business plan, collateral, evasion, how much money, loan manager, new business, reflection
Related Forum Posts
You can see my Bank statement.........
- Hi there,
Today we are bombarded with 'Business Opportunities' by the multitude.
I believe it is possible to earn a lot through the internet, but it is hard work. Nobody gets it very easy on a long term basis.
[b][b]How much notice do people take[/b], [/b]when the Bank Statements are shown as means of 'how credible' their business idea is?
Are they always totally true? They look authentic.
The whole industry is growing rapidly.
What is your experience? Is there any regulation in presenting the 'Bank Statement' or other statements from 'Click Bank' etc ?
Kindest Regards
Beat
"Unlock People's Potentials!"
BDC
- [quote="IWDCanada":jib6tqt9]I think if you try to do business in the Maritimes the Business Development Bank of Canada might be able to provide grants.[/quote:jib6tqt9]
On that note, does anybody have any experiences with the Business Development Bank of Canada that they would like to share? I have been considering approaching them for a business loan.
Re: BDC
- [quote="Jones":255lkmrn][quote="IWDCanada":255lkmrn]I think if you try to do business in the Maritimes the Business Development Bank of Canada might be able to provide grants.[/quote:255lkmrn]
On that note, does anybody have any experiences with the Business Development Bank of Canada that they would like to share? I have been considering approaching them for a business loan.[/quote:255lkmrn]
I'll be working with the BDC later this month on a few projects. From what i've been told they are really great when it comes to small business. Their loans have a little higher interest but their payment terms are a lot easier to swallow. I can give you a contact if you need.
New Small Business Topic
- Hello everyone,
I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section?
Here's a list of what we currently have:
Angel Investors
Branding
Bank Loans
Business Coaching
Business Plan
Franchises (New)
Insurance
Legal
Marketing
Public Relations
Sales
Small Biz Loans
Venture Capital
Online Payment Methods
- I'd like to know what Payment method do entrepreneurs use to process credit cards online?
Here at RSC Business Group we have made a decision to go with Paypal in the short term. If we find that we have more than 10 transactions a month then we plan on going with a Bank Processor of Payments.
What do you guys use?
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