top of page
  • Writer's picturecalgaryeztaxab

Tips for getting your loan approved (Part II)

ritical Things to Avoid While Seeking a Loan for Your Business


Ignoring other financiers

Having had success with one lender most borrowers hardly venture further down the road. When they find themselves in serious need of funds their sole financier is usually incapable of helping. Approaching as many financial institutions as possible is wise and expands your options, insuring yourself for hard times should they come.

Meet as many lenders, different institutions and bankers offering diverse types of loans and give them a hearing. If you use a variety of suppliers, always diversifying your clientele and approaching all manner of insurance companies or personal investment ventures before you make up your mind, apply the same when it comes to borrowing for your business.

Weak lender persuasion

Making a pitch to a lender will determine whether you get the funds you seek. If you don’t really understand your business plan, the entirety of the project, competitive benefits and past and recent performance of the project the banker will politely refuse to finance your business.

Before approaching the banker, prepare as much as you can, practicing and internalizing the entire business plan and understanding your project perfectly. You must persuade the lender about the project, how the money you seek will be used and exactly how the project will repay the funds.

2 views0 comments

Recent Posts

See All

2020 has finally come to a close, and 2021 is here, which means tax season is just around the corner for us. As we get closer and you begin to prepare for your annual filing, we wanted to put together

At the end of November and the beginning of December we received a slew of updates surrounding the $500 tax free benefit surrounding work from home offices. First, they were adjusted such that busines

bottom of page