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Entrepreneurs – Do You Need More Financing But Not Sure How To Ask For It?

Written by: Lee Lister

Article Overview: You’ve got a meeting at the bank next month, and you will be discussing financing for your business. Your company is profitable and I'm looking for a bank loan to finance more business growth. What things should you focus on in the meeting? Are there certain things that you definitely should/should not talk about?

Entrepreneurs – Do You Need More Financing But Not Sure How To Ask For It?

You’ve got a meeting at the bank next month, and you will be discussing financing for your business. Your company is profitable and I'm looking for a bank loan to finance more business growth. What things should you focus on in the meeting? Are there certain things that you definitely should/should not talk about?

Well congratulations on having a profitable business and wanting to expand. It is 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 updated business plan describing your current business, why you want to grow the business and what you hope to achieve when you do.
* An outline of your business and how you see it expanding in the next few years.
* How much money you require.
* How you will spend it and why on these particular items.
* What the benefits to your business will be on receipt of the loan.
* When and how you will repay the loan.
* What risks and problems you anticipate and how you will meet and overcome them.

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 putting a good spin on it. Good Luck.

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Article Tags: bank loan, business acumen, business growth, business plan, evasion, good luck, how much money, loan manager, profitable business, receipt, reflection



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