What do bankers want?

If you’re an entrepreneur planning to start your own business, you probably have a ton of ideas but very little cash.

One reason start-ups fail is because they don’t have enough capital to keep them going until they become profitable. To increase your chances of getting a loan from a lending institution, you need to be prepared–ideally with all of the following:

• A solid business plan
• A current financial statement (personal income tax forms for the last several years)
• Great credit
• A willingness to work hard at your business (7 days a week, if necessary)
• Experience in the field (”An entrepreneur with business experience and some other funding sources probably will get a more favorable interest rate than a cash-strapped rookie operator.”)
• An understanding of cash cycles, bookkeeping, inventory control, etc.

Also, you should know the answers to key questions like: Why will the business succeed? What do you want to start, or change? How much money is required? Why is the venture a good risk?

Finally, consider a loan package “involving government agencies and private lenders.” They are a great help in securing money from a bank, because banks will be willing to take more of a risk when other agencies are involved (as the other loans are often guaranteed).

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