Bank lending has really been tight over the last few years. Most business owners now think that the only word their banker can say is “no.”
The reason: This last financial crisis has changed the lending game. Banks and other lenders will not just provide you a business loan because you have a great smile or a novel idea. You have to get in there, roll up your sleeves and really entice them to lend to your business – make them approve you!
Know that when lenders do begin to approve more loans again, the flow of new business loan applications will really flood in. Thus, to ensure that your loan application gets funded, you have to find ways to get your business noticed – making it not only stand out but stand above all the rest.
Here are a few tips to get your business loan application moved to the top of the pile:
Pick the right bank or lender: Not all lenders will emerge from this financial mess in the same position they went into it. Some will have changed their entire lending philosophy. Some will no longer loan to small or mid-sized businesses,
focusing only top tier/low risk companies. Some will only provide loans based on companies in certain industries or that have specific collateral. And, some may be out of the business lending arena altogether. So, start with your current bank or past lender and see if or what they have changed in regards to their business loan policies.
