By Evan Vitale
While there are many financial opportunities and options available when it comes to seeking a business loan, the first place to start is with your current bank. After all, that’s the bank you have selected for your company’s financial needs (most likely a business checking account), so that’s the best place to start.
Moving forward, let’s assume that you have created a professional relationship with the branch manager (or with your bank’s business manager) and you’re on a first-name basis. He/she knows you by name and face when you come to the bank to make weekly deposits, etc.
So far, so good?
Next, call your branch manager or business manager and schedule an appointment to discuss loan options. You don’t need to prepare a plan at this point. You’re not seeking the loan yet – you’re after loan information.
Instead, prepare a list of questions to ask during your meeting. For instance:
- Let the bank manager know what you want to do with the loan. Are you seeking to purchase equipment; expansion, etc. This will help guide the conversation.
- Do they offer the kind of loan you are seeking?
- What are the terms?
- Do you need to talk to someone else about the loan?
- What documents – or an updated business plan – would the bank need to review during the loan process? Perhaps, they would only need to see updated financial documents such as a cash flow statement; profit and loss statement and your most recent tax returns.
Get your thoughts and information together and then call your branch manager or bank business manager and get the ball rolling.