Our first Business Conversations event was sponsored by First Independent Bank and the presenters were Tim Cross, First Independent Bank and Lashell Carick, Evergreen Business Capital.
The topic was small business lending and what business can do to better position themselves to receive lending. The turnout for this topic was excellent.
Here are a few takeaways and highlights from the discussion:
1. Watch bank advertisments and see who they are marketing their ads towards, this would be the industry they are looking to have be their clients and who will most likely receive financial lending.
2. When you go to meet with the underwriter or lender, make sure you tell a good story with projections for your business, as they are going to have to retell your story.
3. Check out www.sbdc.org for a form that gives advice on what you need to do and not do when writing a business proposal.
4. Have a business plan, about 90% of the businesses that come in to look for lending don’t have one, this also helps the underwriters.
5. Have projections for your business for about two years out.
6. Bring in the full package and reasons for needing the funds.