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Getting a Loan in Today’s Environment

April 5th, 2009 by admin No CommentsNo Comments

Today’s Post is courtesy of Chris Cook a local banker and member of my Operation Entrepreneur Group on Facebook, he posted this in a forum discussion a few weeks ago.

I work for a local bank in downtown West Palm Beach called First Bank of the Palm Beaches and we are certainly still doing small business loans.

I will give you some tips to keep in mind when applying for a bank loan.

1) You have to be able to prove you can pay it back. That means tax returns that reflect the true state of the business. Always be honest with your tax returns if you think your business might ever need debt.

2) You can not be a brand new business. If you are personally wealthy and want to secure a new business loan by your stock portfolio or your free and clear house, go for it. But a bank will typically not finance a start up business.

3) Be prepared for the loan to take about a month to close from start to finish.

4) Be prepared to pay closing costs.

5) Be prepared to move your business checking account to your new bank.

6) Make sure you meet more than one person at the bank so you are not left high and dry if your banker leaves or gets laid off.

7) Follow this rule of thumb, the smaller the business you are, the smaller the bank you should be with. You will get much better service from a community bank than from one of the big boys.

Reprinted with permission by Operation Entrepreneur

Christopher Cook
Vice President & Commercial Banker
First Bank of the Palm Beaches.
ccook@firstbankpb.com
561-847-2700

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Filed under: financial planning, small business advice, small business budgeting
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