Monday, 19 February 2018

Information and commentary for the small business banking industry

Help your small business customers increase their chances of obtaining a loan

15 Jul

If your small business customers are looking to grow their business, or if they’re about to launch their first one, they’ll probably need to apply for finance. Most banks look for several things in common, so it’s worth showing your customers how to increase their chances of being successful with their application.

The first thing they need to determine is how much they want to borrow. It should be as little as possible, but enough so that they won’t have to borrow again for a while. So it’s important that they list everything they need funds for – stock, equipment, working capital etc.

You’re also going to like knowing that you’ll get your money back. So your customers will need to provide some security for the loan, such as real estate or assets.

The main thing, though, is preparation. It’s worth spending whatever time is necessary to make sure their application is as complete as possible. The better prepared they are, the more favorable an impression they’re going to make. Let them know that their business is important to you , and that you want to see them succeed. Gaining financial assistance isn’t as difficult as they might imagine – as long as they’re well prepared.

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