Tuesday, May 01, 2007

Bankers Thoughts On Gaining A Bank Loan

If given the opportunity to give just one piece of advice, here is what some area bankers would tell small-business owners in search of a loan:
“Set up your loan before you need money. If you’ve got the financial statements that show you are doing well as a business and personally, you could walk into any bank anywhere and get a loan…even if you don’t need it. If business has hit the wall and you have not done anything to get a credit facility in place, banks are going to have a lot harder time sucking it up and agreeing to make a loan while your business is in trouble.”
—Lee Koch, executive vice president/senior loan officer of 1st Advantage Bank
“First, construct a really good business plan. Then, be prepared to sell it to a financial institution. After that, tap all resources to help you to sell the business to the banker. You can get assistance from many organizations, like the SBA, that will help you to present your ideas and tie up the loose ends.”
—Steve Callow, senior vice president, Southwest Bank
“Meet with financial advisors and accountants before you go to the bank to make sure that your proposal makes sense. You want to come to the banker being very prepared.”
—Michael Wamsganz, senior vice president at Heartland Bank

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