Making preparations in advance is a must when applying for a business loan. In a recent article in the Florida Business Observer, Cheryl O’Neill Gowen outlines five steps a business owner should take when applying for a business loan.
Partner with a bank that takes the time to know you, your business, your industry and can offer the type of loan that’s right for you. The types of documents you’ll need to provide to a bank are tax returns, P&L statements and financial statements. Also, make sure you know your credit score and prepare a compelling story about your business. Finally, set realistic expectations for yourself and the process because the loan process demands time and patience.
“Another thing to consider when looking to start or expand your business, is to forge a relationship with a local banker. Having a banker who understands your needs and future goals will help in the long run rather than selecting a bank simply based on rate or proximity to your location,” said David Gordley, IBERIABANK Market President for Naples. “Business plans, tax returns and financial statements are all important tools for obtaining a loan, but a strong relationship helps to ensure a smooth process.”
Let’s Get Started
IBERIABANK specializes in helping small businesses grow.