Lender Strategies

When you are searching for funding it is vital that you understand how to approach a lender to get exactly what you need from the lender.  While lenders will be looking at things like creditworthiness, ability to pay and past credit history, how you present yourself also weighs heavily on the decision making process.  How you are able to present your business and your ability to manage questions from the lender is going to play a big role in whether or not you are able to secure the financing that you need.

It is critical that you present yourself as knowledgeable and well spoken when communicating with potential lenders. If you have a difficult time answering questions, lenders may become suspicious, and your loan request may not be approved. The way you articulate you and your business is one area that can really affect your success.  You should be well-prepared to address any questions or concerns that the lender has and be able to articulate any facts about your business that can be helpful.

In this Lender Strategies Post, We will be covering the following critical points:

What bank/institution/company to select (what the differences are)

  • The right contact within
  • Establishing your Business Bank Account
  • Utilizing Banking Products
  • Inquire*
  • Wait*
  • Apply*

If you are diligent in implementing the following suggestions, you’ll likely be successful in having your application for business financing approved.

The Right Contact Within

Just like in any industry, there are banking contacts that are more friendly and supportive than other contacts. You want to forge a relationship with a contact that can help to guide you to the banking products that are going to help you get what you need.  It is true, sometimes it is not what you know but who you know, and respectively who they know that can make the biggest difference in getting what you need.

Establishing Your Business Bank Account

You have to have a business bank account to conduct business for both funding and tax purposes. Establishing your account is really the first step in building the credit that you need for funding and other purposes.  A business bank account can be a very useful tool in the funding process.

The 3 Steps

The next post is going to address the 3 step process in getting the funding that you need to help get your business in a position for success.