Locating
Your SBA Lender
Not all SBA loans are the same,
and not all SBA lenders are the same. Far
from it. Each bank seems to develop its own personality. Some take particular pride
in serving the local business market; others brag about international
connections; others have long histories in particular industries.
The most powerful thing you can do
in preparing your business plan is to first meet briefly with your local banker,
explain what you are doing, and ask what the bank is looking for. Listen
carefully.
The banker will tell you whether
they are looking for business plans with strong assets, or longevity, or
potential for local growth, or small businesses that will employ many local
workers in particular industries.
It is possible that the SBA bank
is looking for something your small business cannot provide, such as companies
that employ 100 or more workers. If that should occur, go to a different SBA
lender. Your SBA loan is there -- you just need to find it. Ask the same questions. And keep on listening.
Getting a
Referral from a Lender for Your SBA Laon
One question that is crucial
in locating your SBA loan is: Ms. Banker, can you recommend another bank
that might be more appropriate? This is a very valid question. Bankers realize, too, that they cannot be everything to everyone, and most
are very pleased to give referrals.
Then, when you go to Bank #2,
start out with, "Ms. Banker at General Bank at the Corner suggested I
talk with you." It's a slam dunk referral. And it's very
legitimate.
When you locate a lender that
is looking for your type of SBA loan, listen even more carefully. Find the key
that will put this banker in your corner. Then write a business plan that will
give him what he is looking for.
SBA loans are more readily
available now than they have been for quite some time. Literally thousands of
businesses will capture SBA loans this year -- yours could be one of them.
Many companies fit comfortably
into SBA qualifications. Yours may not. If angel
investors or venture
capital investors suit your company better, structure your business plan to
fit those demands.
Locating the SBA Nearest to
You
Your best bet is to check your local phone
book, perhaps under "U.S. Government" in the front pages. Then
call for an appointment. Although
there will usually be someone in the office who can answer your questions, your
best bet for a solid 30-45 minute one-on-one conversation is to make an appointment.
Call and set a time. Jot down the list of questions you have, and take
lots of notes during the conversation.
.
Return to top
of SBA Loans
|
TOP ARTICLES
|
|
|
|
Jasmine
McAllister, Business Finance Specialist |
