* Do you have a clear financial plan showing the need for the loan? Can you demonstrate reasonable assurance that your financial projections are realistic?
When you initially meet a banker it is important to demonstrate confidence and integrity. Don't try to hide facts about your business; it's very important to disclose any problems or concerns early in the process and work with the lender to overcome them. Hiding problems will be a red flag to most lenders and possibly have a negative effect on the lenders perception of your character -- one of the criteria used to evaluate your proposal.
Obtaining financing to manage the growth of a business takes preparation, persistence and patience. Businesses usually think bankers take too long to make decisions, and bankers usually think business owners are in a rush. Keep in mind the process takes time, which underscores the importance of cash flow planning and projecting future financial needs.
Remember, too, that lenders are in the business of making loans -- they need you as much as you need them. Work to develop a positive relationship with your bank or financial institution. Don't forget local banks -- they usually have a commitment to supporting local businesses.You have a great opportunity to meet many of our local bankers and start down the path to obtaining financing at the Small Business Financing Expo sponsored by the Napa Valley College SBDC, the Solano SBDC and local lenders on Thursday.
The expo provides the venue and a wonderful opportunity for small businesses to learn about small business financing, how to qualify and the specific methods to apply. The event will bring together more than 30 local and regional financial institutions and small business resources providers. Many of our local bankers from Umpqua Bank, Union Bank, 1st Pacific Credit Union and the Vintage Bank will be on hand to answer business owners with banking related questions. Small Business Financing Expo will begin with a workshop at 3:30 p.m., featuring a panel of small business financing experts.
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