Hello my dear fans, having considered the five financial health factors the business needs in its first year of operation .I will like us to consider still the various steps you take to get your lender to say YES.
Who is a lender? Well virtually almost every business needs a lender. Simply put; a lender is one who gives out or loan money. So in business we say a lender could be an individual, institution, government, corporate bodies etc
Business establishments could obtain capital in form of loans, debentures, capital market etc.
Some times before your business can obtain any kind of financial help from the lender it will require a good business plan. These we shall be looking at in our next discuss.
Below here are some recipes for getting the lender to say yes to the financial assistance your business need.
Five Simple Steps to get
Your Lender to say “Yes”!
FIVE simple steps to get a lender to say YES! To your proposals and get the cash you need
Bank Managers are only human although it could be argued some are more human
1. Make sure you have sound financial information accompanied with a
commentary prepared by you.
2. Try and hold the meeting at your premises if you can; this will immediately give
your Manager the opportunity to see your business at work and psychologically
your Bank Manager will focus more on your business.
3. Offer a cup of coffee/ tea and make him/her welcome.
4. Ensure that in any request for cash your business has put in a reasonable stake.
Banks don’t like to take risks and certainly don’t want to do unsecured lending.
The greater the stake the higher the chances of success.
5. Make sure the Financial Role in your business is clearly defined be it you or a
dedicated Financial Controller/ Director- this area is crucial for your success.
I hope this article provides you with a glimpse into the way a Bank Manager or Lender will
be thinking when you ask them to borrow.