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Do you know what you want; what the bank is willing to bid on and on what conditions; and how you perceive your real or would-be deal from top to bottom and from inside to outside? "When you' re not doing your assignments, there's no point in going to the bank.
Take a map to the bank. "Things are tough, and getting cash out of your bank is tough. They will want to be very sure that you are doing all the right things to safeguard the bank's operations and commitment. One must always look at it from the point of view of the bank.
" Everhard thinks honesty is one of the best banking principals, especially where the company is already doing something. "He says you have to be open about why you need the loan at all." "How's the industry doing? Right now the banking sector is looking for candor.
"Ensure that your own money is well managed first and then go to the bank," Everhard says. Most important is the preparations, emphasizes Stephen Alambritis of the Federation of Small Businesses. "When it comes to an established company - as it evolves. "It is important, Alambritis points out, to assist yourself with an outstanding specialist.
" It' s also important to think about how to make a difference to the bank executive on a person -to-person basis. Once a supervisor is known to be skeptical about the outlook for nursing home options, it makes good business sense to meet with another supervisor at a different store when looking for funding for a home suggestion.
Alambritis says that even within the same bank group, some bankers have different approach that can make the distinction between financed and refused. Importantly, before you meet on the website of the British Bankers' Associations, check the banks' fee structure for bank lending and current account credit. Knowing what standards are in place will help the prospective debtor bargain lower fees and will also convince the executive that it is a prepared candidate.
"Question what is on offer to you in a kind but determined manner," Alambritis warns. "It' s good to have excitement and ardour for your deal, but you have to prove it with evidence," she says. "Maybe customer reports, or show your experiences from your work. Ensure that you can respond to difficult queries about declining market demands or what happens when your orders fall by 15 percent.
" Everhard highlights the dot. "He says, do everything you can before you go to the bank. "but you have the best shot at it. It provides state guarantee for up to 75 per cent of loans from £1,000 to £1 million over a period of up to 10 years.
The borrower must make a 1.5 percent guaranteed payment in the first year and 2 percent in the following years.