Manietta CPAs

Business Loans – Down at the Bank

Business loans are tough to get these days, you have either experienced it or heard stories.

Illinois taxes are increasing and you need more profits to help you stay ahead. It’s time to visit the bank for a loan. The best time to get a loan is when you don’t need it. It really helps to be proactive.

Here are ten steps to business borrowing:

• 1. Go inside the bank, let them see you and get to know you.
• 2. Don’t wait until you need the money, then the bank has all the leverage.
• 3. Keep your banker informed on how you are doing. Send them financial statements.
• 4. Let the bank know what your business plans are and ask their thoughts.
     Get them involved. Remember, success has a thousand fathers and failure is an orphan.
• 5. Be ready to sign personally, if you are committed, it shouldn’t be a problem.
• 6. Know how much you need and the reason for the loan.
• 7. Have a backup plan if you don’t get the loan.
• 8. Know how you will repay the loan. Banks don’t want your collateral, just principal and interest.
• 9. If the bank refuses your loan request, find out why so you can correct the situation.
• 10. Always use a professional accountant – Manietta Business Advisors – to help put it all together.

Call us at 630-579-8900

Email: Rich@rjmcpa.com

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