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Think Like a Banker and Get the Loan

Think Like a Banker and Get the Loan

Jim Blasingame is a small business owner’s best advocate. Jim and I caught up last week and these are the three small business tips every business owner should know, but doesn’t.

Apply for a Loan When You Don’t Need It

That’s not a typo. Apply for a loan when your small business is flush with cash, not when you can’t pay your bills.

Related Article: How Can an Entrepreneur Qualify for a Bank Loan?

No banker will ever tell you this, but as a former Vice President for Citicorp, it’s clear a bank wants to loan you money when you look like a good credit risk. When your business is flush with cash, that’s the way they’ll see it.

Banks are in Business to Make Money, Not Take on Risk

Banks want to know how and when you’ll pay the loan back. They also want to know what’s the likelihood you’ll default. If you can really prove you can service the debt and pay it back in record time, you’ll have an easier time getting the loan.

Make Your Bank Your Strategic Partner

Don’t just call your banker when you need something. Include them in your inner circle the way you’d reach out to media every time something wonderful happens.

Did you close a big deal? Let your banker know.

Were you invited to give a talk at a conference in your industry? Invite your banker to come.

Are you giving a webinar? Invite your banker and his/ her team to listen in.

Did your article just get published in a major newspaper or website? Make sure your banker is on your distribution list including your newsletter list if you have one.

Published: November 13, 2015
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Source: Hidden Profit Prophet

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Dawn Fotopulos

Dawn Fotopulos is the founder of BestSmallBizHelp.com, a site dedicated to helping struggling solopreneurs. The site is home to an array of valuable tools for small business owners that will guide you through all the steps necessary to develop a successful small business. Dawn also serves as Associate Professor of Business at The King’s College in NY. She’s a frequent commentator at MSNBC’s “Your Business,” the NY Times Small Business Summit, the Kaufmann Foundation’s Fast Track Program, and Forbes.

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