If you are a first-time entrepreneur and you want to start your own business you are almost undoubtedly going to need a bank loan. Here are some tips on getting one.
You must realize that because you dont have a business ownership track record securing a bank loan will be an uphill battle. That doesnt mean you shouldnt try but dont expect the process to be a cake walk.
It wont be. Any bank will tell you that a small business loan has risk factors and that costs of servicing these smaller accounts are primarily responsible for their disinterest in offering a bank loan to an aspiring entrepreneur.
Your first time business bank loan can happen, however, and here are some ideas on how to increase your chances of getting that small business bank loan.
The first thing to remember is to think positive and assume you are entering that bank from a position of strength. Keep in mind that you are customer, not a beggar. Banks sell loans, you buy. For the most part those banks want and need your loan business and the loan officers are tasked with getting your business.
While it certainly is always a good idea to start with the bank that is familiar...
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