WHAT SHOULD I ASK BEFORE I SIGN UP FOR A BUSINESS LOAN
A small business loan is designed to help you out. You also need to protect yourself. Banks and lenders work hard to protect themselves. It’s time you do the same thing. In other words, do not go into this blindly.
How do I approach the first meeting with the banks/lenders?
The best thing to do is begin by asking a couple questions. Don’t know what to ask? This is why we are here. Here are 2 questions to consider asking.
1) Will I likely qualify for it? Banks can’t easily predict this. It is best to get an opinion before filling out the paperwork. Ask the guy directly. The banks/lenders usually have a general idea of the answer, even before the paperwork gets filed.
2) How much should I borrow and do I have enough cash flow? Based on the documents you provide, you bank should have some idea of how to reply.
If you follow this link, you will find some more questions to arm yourself with for the initial meetings.