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How to Prepare for a Successful Meeting with Your Business Lender

Updated: Sep 15, 2023

Preparing for your meeting with the lender is the initial step in your quest to secure essential business funding.

When it comes to seeking financial support for your business, meeting with a lender can be a pivotal step. However, walking into that meeting unprepared can significantly undermine your chances of securing the funding you need. To ensure you make a strong and confident impression, it's essential to understand what lenders expect and to have your documentation in order. In this article, we'll explore the key elements you should prepare before meeting your lender.

1. Anticipating Lender Expectations

Before stepping into a lender's office, it's crucial to understand their perspective. Lenders operate under certain guiding principles, and being aware of these can help you tailor your approach:

A. Lenders Love Numbers

Remember that lenders have a soft spot for numbers. Think of it as a quirky way to connect with their analytical mindset. Share a personal anecdote that highlights your own affinity for numbers – perhaps how you excel in mathematics or how you find joy in creating spreadsheets. It's a lighthearted way to establish rapport and align with their quantitative outlook.

B. Lenders are Conservative

Given that lenders are entrusted with others' funds, they tend to be conservative by nature. This is an opportunity to show them that you understand and respect their responsibility. Acknowledge the fact that every loan involves risk and assure them of your commitment to making their investment a success.

C. Lenders are Not Entrepreneurs

Highlight the distinction between entrepreneurs and bankers during your meeting. While entrepreneurs thrive on creativity and taking risks, bankers operate in a structured environment where risk mitigation is key. This acknowledgment can help bridge the gap between your mindset and theirs.

2. Essential Documents for Your Meeting

Now that you have insights into a lender's perspective, let's dive into the documents you should have ready:

A. Business Plan and Cash Flow Analysis

Your business plan is the foundation of your loan application. It should include a comprehensive cash flow analysis, market research, and relevant information that demonstrates your business's potential for success. Think of it as your roadmap that outlines your strategy and convinces lenders of your business's viability.

B. Personal Net Worth Statement

A clear and concise reflection of your personal financial standing, this statement offers insight into your assets, liabilities, and overall financial health. It further underscores your commitment to the success of your business venture.

C. Personal Tax Returns

Lenders often review your personal tax returns to gauge your financial stability and responsibility. These documents provide a glimpse into your income, deductions, and any potential red flags that may impact your ability to manage a business loan.

D. Understanding Your Personal Credit Report

Your personal credit report speaks volumes about your creditworthiness and financial history. A thorough understanding of this report allows you to proactively address any potential concerns and showcase your commitment to responsible financial management.

E. Use of Funds Statement

This document serves as a roadmap, delineating precisely how the funds you're seeking will be allocated within your business. A transparent use of funds statement provides lenders with confidence in your strategic planning and ensures they recognize the value of their investment.

"Your business plan isn't just a document – it's a compelling narrative that outlines your path to success and resonates with the analytical minds of lenders."

To find templates of these documents to help you navigate your preparation, check out our Resources page.

3. Meeting Lender Expectations

Understanding what lenders expect from you is key to ensuring a successful interaction:

A. Relevant Business Experience

While you don't need to be a business expert, it's important to demonstrate that you have a solid grasp of your industry and have experience in the field. Highlight any relevant expertise you possess, even if it's from a previous venture or educational background.

B. Knowledge of Your Product and Market

Confidently convey your knowledge about your product or service and the market you intend to enter. Lenders are more likely to invest in someone who displays a deep understanding of the industry landscape.

C. Well-Researched Business Plan

As discussed above, your business plan should be well-researched, comprehensive, and articulate your business's potential. It's not just a document; it's a testament to your commitment and planning.

4. Bonus - Prepare Your Questions

Remember, the meeting is a two-way interaction. You should come prepared with questions about the lender's lending options, their experience in your industry, and their involvement within the local business community. This approach not only shows your initiative but also helps you identify a lender who can be a strategic partner in your business journey. You can read more about that on our Questions To Ask Your Lender post.

In Summary:

As you approach your lender meeting, equipped with understanding and a comprehensive plan, you're not just seeking funds – you're forging a partnership that propels your business forward.

Ready to apply for financing?


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