Union First Market Bank Jim Tyler, Commercial Division

Are banks still lending money?

Bankers are NOT venture capitalists.

They need more than a good idea.

What industries give banks the most concern?

What banks look for:

Why did you pick this indu s try?

What banks look for: Do you have experience in this industry?

What banks look for: Have you run a business before?

What banks look for: Who are you suppliers? Will they give you terms?

What banks look for: Who are your customers?

What banks look for: Who are your competitors?

What banks look for: What is your personal financial position?

What banks look for: How much money do you need?

What banks look for: Why do you need that much money?

What banks look for: Why do you need that much money? (“Working Capital” is not enough of an answer.)

What banks look for: How much money are you putting into this new business?

What banks look for: How will you pay the bank back?

What banks look for: Do you have any collateral? (Business assets supported by “outside” assets.)

What banks look for: Do you need a guarantor or cosigner?

A good business plan and financial forecast addresses all these questions.

Any banker or lender needs the answers in order to loan you money or invest in your business