As a bank, you never want to say “no” to your small business customers, but sometimes it’s necessary. However to avoid being the bad guy, what you can do is sit them down and advise them of other ways of raising finance. One of the most common is the U.S. Small Business Administration and their loan programs. If your bank is an SBA lender, you’ll be aware of the programs and how they’re designed specifically to help small business owners who don’t qualify for a bank loan.
You’ll also be aware of how tedious and time-consuming the application process is, and this is where you can make up for declining a bank loan – by helping them navigate the mountain of forms they’ll need to fill out and documentation they’ll need to provide.
Preparation is key with SBA loan applications. Like the bank, they’ll want to see that the applicant is organized and efficient. This can go a long way to helping their application look good and be successful. So they’ll need as much help as they can get, particularly from someone who understands the process.
The below article looks at other ways of raising finance, including the SBA.
Read the full article at: www.business-opportunities.biz