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How to win over your bank manager

I have an appointment to see the bank manager and I want to borrow a fair bit of money for a business idea. Do you have any tips about how to win the bank manager over?

Whether you are buying a business or a home, you have to look like a reliable person to lend to. If you have a steady job with good prospects for secure employment and you can service the loan, then you shouldn’t have any hassles, but self-employed business borrowers can find the process more daunting — be it for your business or a home.

Your goal is to walk into the lender and look really professional. Show that you have done the objective analysis of yourself. You can even do a SWOT analysis of the business or the specific purchase. You would look at your or your business’s strengths, weaknesses, opportunities and threats. You would show how you could cope with bad luck or a bad economy.

Bring all information about your business and personal assets and liabilities (debts), but also bring in anything that shows you have a great business — ads, testimonials, references, etc. You could even do a one-page business plan to show at the meeting and have the full business plan available if the lender wants to see it.

The lender looks at you like a bet. If you are a good chance of winning they are more likely to support you, but if you look like a long shot then they could desert you. When it comes to looking for money you have to exude professionalism.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.


Published on: Monday, December 14, 2009

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