How to Get Your Banker to Say "Yes" to Your Loan Application
Obtaining commercial financing can be challenging, to say the least. This problem is particularly evident in smaller businesses, with some estimates indicating that approximately 50% of small business loan applications are denied initially. Yet, no matter the nature of the financing need, clearly having access to capital is a major factor in the future success of any size business.
Spreadsheets contribute to the problem
Much of the problem associated with obtaining financing lies with submitting loan proposals that do not adequately address the issues in which bankers are interested. All too often this is the result of CPAs and other advisors relying on Excel as their primary tool for preparing cash-flow forecasts and other schedules that are evaluated by bankers when deciding on whether to extend credit. The ubiquitous spreadsheet oftentimes just does not contain the detail necessary for bankers to say “yes.”
Technology Also Offers a Solution
Fortunately, there is an alternative to relying on spreadsheets when trying to obtain financing. Technology tools such as Commercial Loan Success offer quick and inexpensive solutions that can greatly increase your chances of hearing “yes” from the banker. If you are a CPA in public practice, you have a tremendous opportunity to use technology to assist your client in satisfying their funding requirements. Likewise, if you work in industry, you can use this technology to justify your company’s financing needs and increase the odds of getting your loan packages approved. If you’re seeking to maximize your chances for a loan approval, be sure to investigate Commerical Loan Success and how their platform may benefit you.