LOAN
There’s (almost) no luck involved when it comes to getting a business loan.
If you write a great business loan proposal and present it well, you will have a very high chance of getting the loan you’re looking for.
How You Get a Business Loan ?
You can dramatically improve your chances of getting a business loan by crafting a professional and powerful loan proposal that will force the bankers to pay attention to you because they will see you as a highly professional, organized, and serious business person.
Your loan proposal is your secret weapon for getting the banker to say “yes!” to your small business loan (and large business loans, too).
Unfortunately, most small business owners prepare their loan proposals poorly and this makes bankers afraid (most bankers are incredibly risk-averse, which means they may say no at the slightest hint of risk).
Always remember, a banker’s biggest fear is that you are a risky person and that your business is too risky. Being unorganized or unprofessional throws up huge red flags for a banker, and that can virtually guarantee you don’t get the loan.
Don’t give them an opportunity to say no to you! I’m going to teach you how to craft a winning loan proposal that will dramatically increase your chances of getting a yes from your banker.
Who Approves the Loan?
When you go to present your loan proposal to a banker, the person you’re talking to is usually not the person who makes the final decision on whether your loan is approved or not.
They’re the screening person—they get a first impression of you, take some notes, and then, if they think it’s worth pursuing your project, they’ll bring your proposal to a committee, panel, or executive who can make the final decision.
This means they can’t say yes to your loan on that first meeting, but they can say no!
Don’t give them that chance.
I learned these secrets from Bill Bartmann, a brilliant billionaire businessman. Clearly, he knew a thing or two about getting business done, and I was determined to learn how he did it. Now I want to share those secrets with you to help you achieve your own success.
This Loan Proposal Template Works
Since using this loan proposal formula, I haven’t had a single banker say “no” before presenting the loan proposal to the loan committee or the people in charge of analyzing the loan package.
I’ve had several bankers say things like…
“Wow, this is impressive!”
“You’ve really done your homework!”
“I’m very impressed with what you’ve done here!”
The 5 Strategies for Presenting a Loan Proposal
Remember these key points to crafting and presenting a masterful loan proposal:
1. Be concise. Bankers are busy and less is more!
If you talk too much or ramble, you’re more likely to say something that will hurt your chances than you are to say something that will help.
Don’t volunteer information you haven’t been asked for, but do be ready to answer any questions that come along thoroughly and clearly.
Keep your responses short, simple, and easy to understand—you’ll prove that you know your business inside and out while also helping the banker stay on schedule.
Long meetings rarely lead to an approved loan unless the banker is clearly very interested in your business.
If you feel like your presentation is dragging or the banker isn’t interested in what you’re saying, just move on to the next part of your presentation.
2. Be professional. Check and double-check for all typos or inaccurate statements.
Fools rush in. Professionals get prepared ahead of time, and when they show up asking for a loan, they have every single detail in order.
Not only do you want to make sure that all the facts and figures you’re presenting are accurate and can be backed up by evidence, but you want to be sure that everything is arranged neatly and is proofread carefully.
Just like a poorly edited book tends to rack up bad reviews, a poorly edited loan proposal that’s filled with misspellings and typos can make you look unprofessional—and like you aren’t willing to put in the effort to present yourself well.
So how can the banker trust that you’ll pay attention to the details of how your business is run if you don’t pay attention to the details of your loan proposal?
Take the time to have a team member or hire a great editor to look over your proposal—it’s a small investment for potentially huge results.
3. Be positive. No one wants to work with a downer.
Walk into your meeting with a smile on your face and be passionate about your business.
Passion and positivity make a huge difference.
Your energy when you present to the loan officer will come through in a big way. If you’re too nervous, afraid, or jittery, you’ll make them feel uncomfortable and more likely to reject your proposal.
If you’re struggling with nerves before your meeting, try some simple deep breathing exercises to calm yourself down.
Let your enthusiasm for your business show through and you’re well on your way to success.
4. Expect a yes. You get what you expect in life.
If you go through each of the steps taught in this article, know what you’re doing with your business, and use our loan proposal template, you will succeed if you believe in yourself.
If you walk in expecting a no, you’ll likely self-sabotage in your presentation and won’t get the loan you’re looking for.
Self-confidence is attractive and helps other people believe in you, too.
Banks are looking for good opportunities to use their money, and that means investing in people who are likely to succeed.
If you believe you’ll succeed and let your confidence shine through, you’re more likely to get your loan and to impress investors, customers, and potential partners!
5. Persistence is key. If you get negative feedback, learn from it and improve.
You can still get a loan if you’re brand-new in business and don’t have any experience, but you’ll have to show that you can be persistent and learn from feedback.
Business (and life) is basically a giant game of trial and error.
Investment
