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Home Business Loans Common Mistakes Business Owners Make That Make Borrowing Difficult
Earlier this morning I came across a list of things small business owners need to do to help them find greater success at the bank. Charles Green, of the Coleman Report, writes, “Small business lenders face the frequent frustrations of clients who live a life in a haze of financial mystery. ‘There’s money in the bank, so I must be earning a profit!’ Those words were actually said to me by some poor yahoo who mistakenly thought I was going to make him a loan. Wrong.”
I’ll admit, when I was running my own business, I don’t think I had the understanding I should have had either. Green’s article shares some advice I think everyone who owns a small business should be paying attention to.
Crossing your ‘Ts’ and dotting your ‘Is’ in these categories gives your lender confidence you know what you’re doing and able to run a successful business. Remember, there are really only three things a lender wants to know about you:
The above list will help you demonstrate that you can repay the loan by illustrating that you are the kind of business owner that takes all the details of your business seriously.
Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business financing and trends accessible in common sense language devoid of the jargon.
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