Small Business Finance News
Financial Analyst Gives Tips On Getting A Small Business Loan
Written by Jenna Weiner
Published: 7/21/2011
In a tight lending market, entrepreneurs are advised to embrace risk and perform flawless preparations when applying for SMB loans.
Although the news for small businesses wanting to procure a loan has not been good over the past few years, Mike Lubansky, senior financial analyst for Raleigh, North Carolina, financial analyzing company Sageworks recently shared some tips to help companies.
In a recent Fox Business article, Lubansky said it's important to find the right bank and then create a relationship with that bank.
"A bank will be more receptive to your loan request if they know you," Lubansky told the news source. He said once a line of credit is established, a banker will be receptive to a business owners needs and perhaps more receptive to giving out a loan.
Other tips Lubansky gave is to embrace risk, anticipate what questions a bank will ask about the business and be prepared to apply for loans at multiple banks.
BusinessNewsDaily recently shared some loan tips of its own, advising small businesses to keep stringent company records and understand the importance collateral plays in procuring financing.
Contrary to Lubansky, BusinessNewsDaily said to resist risk so that the bank sees you as a secure "pillar of society."
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