If you are thinking of getting a business loan from a bank, it is always best to request for an appointment with the loan officer or bank manager and ask about their criteria for giving loans. The more informed you are of what they want and what they are looking for in a loan application, you can boost your chances in getting that much needed loan.
Here are some questions you need to ask your banker:
- What do you need to see and what do you want me to give you to increase my chances of getting the loan? What are the most important factors I need to show to qualify for the business loan?
- What have been your experiences in lending to this industry? Is this an industry you consider to be too high risk? Many conservative banks still look at home business (more so if home business online) to be too high risk that they will not lend to this sector — which means your chances are already very slim.
- What types of collateral do you want me to provide? What assets do I need to show? What if I don’t have any collateral?
- What do you want to see in my business plan? How detailed do you want me to be in the business plan? (some bankers will just read the executive summary)
- What are your loan products and can you provide and compare their features? Which loan product would be best suited for my situation?
- Ask this if you have no management experience or experience in running a restaurant before — How important is having prior experience in the industry? Would it help if I bring into my management team more experienced people than myself to help me run the business?
I suggest you read the articles Twelve Tips for Getting Your Bank Loan Approved and Thinking of Getting a Bank Loan? Do Your Homework First! to help improve your chances in getting that business loan from the bank