How To Apply For A Small Business Loan
Every day comes more bad news from the banking industry and that must affect small businesses who need to apply for a small business loan or who need to renew an existing loan or overdraft.
Even worse, the credit crisis looks as if it will lead the major world economies into recession and that means that companies will be under more pressure financially.
In this environment, it is essential to know how to apply for a small business loan.
What better way than to get the inside tips from a bank manager who is now high up in an overseas bank.
"The Secrets Of Getting Your Bank Manager To Say Yes" by Rob Warlow - 4.5 Stars
This is an excellent ebook which explains small business finance from a beginners level upwards which is both easy to read but also very detailed.
In total "The Secrets Of Getting Your Bank Manager To Say Yes" runs to 240 pages before the adverts for Rob Warlow's other ebooks. This is not one of those flimsy 30 to 40 page books you buy, download and think "Is that it?"
It's a shame that the title of the ebook is not very search engine friendly although it does put over the key benefit. If you apply for a small business loan you want your bank manager to say yes.
The bank will have you jumping through enough hoops anyway so you should be as prepared and as professional as possible. That way you have an easier time and so does your bank manager who has rules to follow and bosses to impress. Why make things tough for someone you intend to persuade to give you a bank loan.
How To Apply For a Small Business Loan
If you want or need to learn how to apply for a small business loan click on the link and you will be taken to Rob Warlow's sales page but I'll walk you through the sections.
- How to choose the right bank - just remember you are the customer and the bank is the supplier so you must like your bank. It must be competitive, it must be pro-small business and interested in you. Most importantly you need to decide what you want from your bank so that you can find the best fit.
- The business plan - Rob helps you to understand why the bank manager has to see a business plan, what your plan should include and how to get more advice. Rob Warlow has written another extensive ebook The Secrets Of Writing A Killer Business Plan which is very good or you could start with my business plan guide (see below).
- The interview with the bank manager - how to prepare, how to build rapport and how to dress and behave at the interview.
- The financial information required - bank managers love numbers and have various ratios which they check. Rob Warlow explains what they mean and why the bank manager focuses on some of the numbers more than others.
- How a bank manager analyses your loan application - this is fascinating and key to "getting the bank manager to say yes." You get the insight into just what bank managers are looking for when they make a loan decision and therefore you can make sure that you do all you can to tick the boxes. You need to understand about CAMPARI and credit scoring.
CAMPARI = the acronym for what the banks look for = Character, Ability, Margin, Purpose, Amount, Repayment, Insurance.
Credit scoring takes the judgement away from a bank manager for very small loans and let's the computer decide whether you are a good credit risk.
- How the bank makes the loan decision and how you can negotiate a good deal. The banks are good at making a profit, so learn how you can even things up and negotiate a fair deal - just don't push too hard because you do want their money.
- How the bank manager monitors your loan. After they've given you a loan, they will want to keep an eye on your business to make sure that they will be repaid.
- What to do if things start going wrong. In this important section considering the economic prospects, Rob Warlow explains what you should do if your finances take a turn for the worst.
As you can see, "The Secrets Of Getting The Bank Manager To Say Yes" is a comprehensive guide to how to apply for a small business loan.
The Secrets Of Getting Your Bank Manager To Say Yes
I Reviewed The Pre-Launch Copy
I am a little biased about this book because I reviewed the pre-launch copy and I know that Rob Warlow picked up on some of my suggestions and made amendments to his ebook.
At the time I wrote a recommendation and I was reminded of it when I looked at the sales page:
"Rob has written a great guide to raising finance for small businesses. It's such a powerful technique to be able to understand how the person the other side of the desk is thinking. Read Rob's e-book and you'll get the insights from his many years of banking experience. I've been a qualified accountant for more than twenty years and I picked up pointers that I had never appreciated before."
Conclusion
I stand by every word of my brief testimonial and if you want to learn how to apply for a small business loan and have the bank manager say yes, buy this book, read it carefully and follow the advice.
You will give your business the best chance of getting the loan you need.
I rate this book at 4.5 stars and it has a strong buy recommendation. It lost the half mark because I wish there was a proper book version. At 240 plus pages, it is difficult to handle all the sheets of paper.
The Secrets Of Getting Your Bank Manager To Say Yes
Do You Have A Bad Credit History
Rob Warlow has just issued another ebook Debt Credit Repair. I don't think he wrote this one because it is American but he clearly approves of the advice included in it. In fact Rob has lots of ebooks available on the excellent Small Business Success website
Guide To Business Planning
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