Advice For Securing a Business Loan
Article By: Erik Strand
If you are looking to secure a business loan, you might be wondering what makes a financial institution say "yes" to a business. A large misconception is that getting a loan is difficult. It isn't something you should just try for on a whim, but when you are ready to make your business dreams happen, lenders can help you succeed. The tips below give an understanding into the process of successfully securing a business loan.
Research Lenders
When preparing to request a loan, you should research lenders to find the right fit for you and your business needs. Partner with a bank that understands your business and is familiar with your industry. When you are requesting a loan, make sure to pitch yourself and your business to the bank, but also find out if the bank is a right fit for you. Community banks tend to make lending more personal and support you through the loan. A good bank is a partner with you through the ups and downs. They work to grow with you and your business.
Share Your Story
Part of lending is about gathering data and evaluating the financial information, but it also is about the business and the people behind the business. Sharing your story with your lenders goes a long way in helping them to connect and share your story during the underwriting process. Include how you got started, what sets you apart, and your goals for the future.
Banks are in the business of giving out loans - they want to say yes. Look for the right bank who will be there to help you reach for and achieve your goals.
For more information, we encourage you to contact a Security Financial Bank commercial lender. Our bankers can answer your questions and help you reach your business goals. Call 888.254.0615 or email customerservice@sfbank.com to get started.
Erik Strand is a relationship manager for SFB with 20 years of experience in the banking industry, including working in both consumer and commercial banking. At SFB, he assists business clients with their lending and financial services needs. For more information, contact Erik at estrand@sfbank.com or 715.930.7888.
