Managing Growth | Ratios? What do they Mean?

Meeting Your Loan Officer

One of the many things bankers and loans officers have learned over the years is: that you get a lot less bad loans, not by doing good things, but by not doing BAD things. Thus the easiest thing for any loans officer is to say: "NO!"

It is the entrepreneur's job to give the loans officer the reasons to say "YES." This is a sales job, sell yourself and your plan not only to your loans officer, but to your customers also.

To see whether or not you are adequately prepared to have a meeting with your loans officer, answer the following questions truthfully. These are the same questions a loans officer wants answered before (s)he'll loan anything to anybody.

• How much do I need?
• What will I do with it?
• When will I pay it back?
• How will I pay it back? (i.e. what is my cash flow)
• What if something goes wrong????

Only when you can answer these questions are you ready to face loans officer. In other words think things through before you make an appointment with him (her).

Now all you have to do is put your plan in writing, in plain and easy to understand English.

Henri Niet
Business Development Coordinator
CFDC of Mount Waddington
Phone: (250) 956-2220
E-mail: Futures@island.net