4 more ways to get the best business loan
By Jenny C. McCune • Bankrate.com

Thoroughly reading and understanding a loan agreement will definitely help you secure the best business financing. But don't stop there. In addition to reading the fine print, you can:

Get to know your bank manager: Eva Rosenberg, the Web's Tax Mama, swears by this tactic. If a bank manager knows you, he or she will be more willing to go the extra mile during negotiations or if your company encounters trouble when paying back the loan.

It also can make the difference between your company getting the loan or not. Rosenberg's own personal relationship with bank managers has helped her clients get loans when other lenders have said no.

Ask for help from your professional team: Your accountant or lawyer may have advice or contacts that can help you land the right loan.

Show loan proposals to other lenders: While a banker won't find fault with his own loan, chances are he'll be more than happy to point out the problems with a competitor's proposal, Rosenberg says.

Avoid SBA-guaranteed loans: This may sound like sacrilege. The American way to start a business is often with the help of the Small Business Administration. But Rosenberg points out that such loans are paper- and detail-intensive. In addition, since the federal government guarantees them, Uncle Sam is usually anxious to have the loan secured by all your possessions.

Jenny C. McCune is a contributing editor based in Montana.

-- Posted: June 26, 2002