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Have you tried to obtain a business loan only to be turned down repeatedly? Did you meet with a low level employee who has to fight for every dollar above $25,000 that he or she requests? Did you show up in shorts and appear surprised by all the questions asked of you? If you answered yes to either of these, keep reading. A bank does not want to see a business plan. Instead, they want to see a very condensed, highly relevant synopsis of the business plan called the Executive Summary. |
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Step 1 Approach someone with signature authority of $250,000 or higher. This is typically someone at a VP level or above. If you don't know any bank VPs personally, seek an introduction through your network. Step 2 Discuss your intention to build a long-term relationship with a bank you can grow with. Dress professionally and project confidence. Be prepared to discuss your past financial performance and any hiccups you may have experienced. If you don't quite understand everything, talk to an accountant about your finances BEFORE you talk to the bank. Step 3 Ask for a meeting with the banker and, when you do meet, provide a loan package consisting of an executive summary and your financial statements. This will show that you've thought through some things and will enable you to ask the inevitable questions regarding your business the banker will have. |
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