Jack Mencini and Adam Sonnhalter hosts of Dirty Secrets of Small Business (small business being 1-25 employees) discuss the best timing to get a loan for your small business. The secret is to go to the bank to increase your line of credit BEFORE you actually need the money. Using their 7 Keys to Success https://maximumvp.com/7-keys-to-success/ from their coaching business, Maximum Value Partners, (MVP) concentrate on developing your presentation and knowing your cash forecasting.
And remember, not all bankers are created equal. What does that mean… if you are like most owners of small companies, you might be assigned a new banker to your account. You don’t have the same banker for 20 years anymore. The relationship is better if you have accounts that you deposit into also. The bank procedures depend on how much they will lend to a small business banker and the limits according to the individual bank, on what they will lend. Jack and Adam discuss the ranges of money lending that banks will do.
Jack and Adam also encourage the small business owner to call the bank before they meet with to let them know what the owner has in mind for the money to be loaned so the bank can select the correct representative to meet with them. In addition, Maximum Value Partners coaches will practice with the owner on their presentation before the meeting with the bank to be able to present well and effectively. They advise that you can also ask questions of the banker on the process and timing to be approved. Also, make sure that the bank representative is your advocate for you, the small business owner. This centers on being able to tell your story effectively in the presentation.
MVP tries to quell the anxiety for the small business owner to gain confidence in looking at the business numbers and having them believe in themselves that this loan is applicable for what they need to do and what they can do. MVP makes sure that the owner can present their story well to be successful in obtaining the loan.
If you need assistance in developing your presentation before you go for that loan at the bank, call into the show each Monday at noon EST 440-946-9468 or email Jack and Adam at email@example.com They will have the answers and the insights to help you prepare!