Business banking: What to expect at the bank
half of all small and mid-sized businesses go to a traditional lender,
such as a bank, to ask for cash.
The level of cooperation you'll get from a lender
depends heavily on your preparation and how you demonstrate an ability
to manage those funds. Before you approach any bank, you will have
to prepare the paperwork. Lenders want you to convince them you're
a good risk.
A banker is going to look at five basic items:
- Your personal character
- What the money is for
- How the bank will be repaid
- Your level of financial commitment
- How much financing you request
You will also have to provide a number of financial
statements and a business plan.