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How To Obtain A Bank Loan

By Carol Tice

Every small business can use more money, but many are unprepared to build a relationship with lenders that can provide funding. There are several steps that every small business should take in order to improve the probability of receiving a bank loan.

Plan Ahead

It is never too early to get things in order in preparation for requesting a loan. Whether you are just starting up a small business, or are in the midst of phenomenal growth, there is always the chance that additional funding will be needed at some point.

The process of getting a bank loan can take anywhere from 30 to 90 days. By being prepared, you speed up the process and build relationships that can be tapped if the time comes when a loan is needed. Here are a few simple steps that can be taken to prepare for a loan request:

Build A Partnership

Once you have these things in order, the final step is to choose your bank wisely and tell your story. Explain why giving your company a loan is in the bank's best interests and how you plan on working with the bank to ensure repayment.

Find a loan officer who you believe is willing to partner up; you want to show your passion for what your business does and explain how you differ from competitors. Getting a bank loan boils down to being prepared and building a lasting partnership with a lender. 

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