Do you need money to grow your business in an orderly manner? To do so, you'll probably need to finance some of the growth along the way.
Requesting a business loan without adequate preparation or in a haphazard format sends a clear message to the lender: High Risk! Similarly, if the management of your business requests an urgent loan to meet an unexpected cash need, that can cause a lender to question the financial abilities of management. Therefore, it pays to be prepared and organized when you request financing from a lender, or from an investor.
Once we understand your business's financing needs and agree that they are achievable, we can often bridge any communication gap between your business and the banker. We work with bankers, and we understand their needs and concerns. Bankers sometimes have goals and risk tolerances different from your business. A lender's primary goal is to feel comfortable that your business has the financial ability to repay the amount it loaned to you, plus interest. Since a lender does not usually share in the profits, they naturally are averse to risk. We can often help to bridge any communication gap between your business and the banker in a way that is mutually acceptable to your business and to the lender. With my reputation, I believe that we can improve the chances of you receiving the financing you need to continue operating profitably.
We can help you work with the lender to identify the amount of documentation they need. Sometimes, we can help a business to get the amount of documentation reduced, either by suggesting a more cost-effective solution, or by suggesting an alternative approach.
We are prepared to help you to prepare recent historical financial statements and multi-year projections, all in a format that the bank is familiar with and will feel comfortable using to assess their risk in your business. Also, we can advise you of common disclosures to include in loan requests, including a summary of the loan request, description of key owners, managers and outside professionals, description of the competition, and more. Depending on the size of your business, we will look for opportunities to refer you to agencies such as the New York Small Business Development Center, which can help you with some of the documentation at a fraction of the cost. We will continue to work with them as they prepare documentation, so that you can feel reasonably sure that you will have a cohesive presentation that the bank will find usable and professional looking.
If you would like to learn more about how my Firm can advise you about obtaining the financing you need to grow your business in an orderly manner, please call Jim Blowers at (518) 344-6087. The initial consultation is free!