Over the last few weeks, we've been spotlighting some tips from lenders about some of the best ways that small business owners can improve their standing for getting approval on a loan. After all, if you're worried that your application may be rejected or are wondering why your last application was turned down, who better to learn from than the lenders themselves?
If you're worried that your application may be rejected or are wondering why your last application was turned down, who better to learn from than the lenders themselves?
If you're wondering what you need to get in order before applying for a small business community loan, here are two more lender-certified suggestions:
- Build a rapport with your lender: "Building confidence in your lender that you are responsibly managing the business and planning for the future will go a long way to establishing a long-term, mutually beneficial relationship," recommends Vincent Vieten, a lending program officer for the National Credit Union Administration. "Keep your lender fully informed of progress and changes in the business. Encourage your lender to visit your operation. Share your successes, along with challenges you face and the plans to meet those challenges."
- Don't be afraid to ask questions: Don't think you have to walk into a bank knowing anything and everything about the loan process. If you have questions about the different options available to you and which may be the best fit for your needs, make sure to air those confusions with the lender. Doing so not only makes you more informed about your financing, but as Glenn Goldman, CEO of RetailCapital, notes, it also helps to develop a sense of trust and transparency between you and your lender.
If you're a local Ohio entrepreneur looking for financing to expand your company, buy new equipment or property and create more jobs, consult with Growth Capital Corp. today! We can walk you through the number of loans for small businesses we have available and pair you with the right match for your needs.