Getting a Business Loan from a Bank

Video from our FREE Online Business Course
http://www.myownbusiness.org
Session 9 How to Finance Your Business

Question:
"Are there any recommendations you would have for somebody looking to make a financial request to a financial institution?"

Rod Banks
Executive Vice President, City National Bank

Topics covered in this video:
Business loans, financing, banking, honesty

Transcript:
One of the best things a new entrepreneur can do is to think of their banker as a financial partner. Building a relationship with the bank, with the institution, with the individual is going to be the key. I would find someone who is really interested in your business: who will take the time, who will come out and take the tour and who will ask all the appropriate questions. Because if you think about it, this is the individual who is going to be your representative back to the bank to talk about your business.

Now on your end you should invest the proper time to build the relationship with that banker. Get to know them. Find out how long they have been with the bank, find out about their career and make sure that you stay in contact and build a relationship over time. And the last piece of advice I'd offer is that no matter what the information might be about your company, always share it. Bankers want to know as much as they can about your business. They don't like surprises. If you have bad news they would much rather you deliver it as opposed to having the bank hear about it second hand. So good communication with your banker will be one of the best pieces of advice I could give anybody starting a business.

Category:

Education

Tags:

• Start
• starting
• business
• loan
• unsecured
• secured
• collateral
• investment
• lender
• bank
• funding
• financing
• write
• plan
• banking