Growth always requires cash. Whether a business is expanding into new markets, growing their current offerings, or being bought out by current employees or a strategic buyer, funds are always required.
Sometimes a company may have the cash on hand to cover these plans and goals, but more often, financing is needed. But approaching a bank for a loan often begins to stir up anxiety and confusion, with the owner having no clue where to start. Or on the flip side, an owner may think the process is relatively simple and not realize how much prep work needs to go into a loan request.
Business owners are often entrepreneurs and by nature, are risk takers. Bankers are the opposite. When they make a loan, they have to be 100% right that it was a smart loan, 99% of the time, so they tend to be risk-adverse. When applying for a loan, it’s important to keep this in mind.
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