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5 Tips on Approaching Your Bank

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  • #16
    Re: 5 Tips on Approaching Your Bank

    You offer good tips on starting and running a business - determining if it is viable and can be profitable. For bank's though - you have to show two things:

    1) Willingness to repay (shown by your credit score - have you paid creditors in the past).

    2) Ability to repay (do you have the cash flow to make the loan payments).

    To a bank, nothing else matters. Just like you in your business - banks and other lenders just want to get paid.
    Last edited by AlbertaRawson; 02-23-2015, 11:52 PM.
    Asian markets|ASEAN Economic Community|Emerging Economies

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    • #17
      Banks say no the vast majority of the time. They can also drag you through 90 days and mountains of paper work. They may also put far too much emphasis on your personal credit instead of looking at the financial health of your business. Even if you qualify for a bank loan, the amount of time it takes could defeat the purpose compared to other funding options.

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