Getting the Best Business Loan

Business Loan Sourcing Albuquerque New Mexico True North Navigation ProfessionalsThe First Loan Offer May Not Be the Best Loan

Finding the right bank for a business loan is not all that different from finding the right mechanic for your car, or the right surgeon for an operation.

True North Business Navigation Professionals leverages an extensive network and in-depth knowledge of the financial marketplace in getting the best business loan to achieve your goals.

 

10 Questions to Find the Right Bank for Your Business

True North Business Navigation Professionals identify advantageous lending sources for small and mid-size business clients. When considering business loans from banks, we begin by evaluating lending institutions based on these 10 questions:

1. Is the bank healthy with strong financials?

Given today’s economic climate and the recent dramatic rise in bank failures, True North checks the health of each bank that offers lending services with potential to achieve your business goals.

2. Does the bank have a business division focused on lending to small and medium-sized companies?

Rather than sending a website inquiry or phone call, True North Business Professionals are connected directly with business bankers specializing in small and mid-sized business loans.

 

3. Is the bank on the SBA’s current list of top small business lenders?

While the Small Business Administration (SBA) lists banks and their small-business lending activities, True North Business Navigation Professionals work with you to optimize your financials in preparation for an SBA loan application.

 

4. Is the bank familiar and comfortable with your industry?

Does the bank lend to your type of business? What industries does the bank specialize in?  We qualify lending options based on their knowledge and investment in your industry. When banks understand the capital resources and terms associated with your industry, the loan is more likely to meet your business goals without paying too much.

 

5. Does the bank offer the mix of services and products you want?

Working as your business loan sourcing advisor, True North Business Navigation Professionals communicate and negotiate with lenders to get what do you need — traditional loans, lines of credit, SBA loans, credit cards, direct deposit, 401K services, or auto/equipment leasing, etc.

 

6. Does your desired loan amount fit within the bank’s lending limits?

What is the average loan the bank makes to small businesses? Can the bank grow with you as your company’s financing and banking needs increase? Many banks have different divisions handling loans based upon the size of the loan and the size of the company. Smaller banks may have ceilings on how much they can loan to one business, while larger banks may have a minimum size loan. True North evaluates all the options and navigates the way to the best business loan.

 

7. Can you secure a meeting with the right person?

Can you get introduced or be referred to the bank officers who make the lending decisions? With True North, we leverage our network of lenders to work directly with bankers who have decision making responsibilities.

 

8. Is the banker willing to meet with you at your company?

Will a banker take the time to come to you and see your business operation? If your business “shows” well, True North arranges for the preferred banker to meet at the business, which often works to the business owner’s advantage.

 

9. Does the banker have local lending authority?

Surprisingly, we have found that some of the largest national and international banks leave lending decisions to each branch.

 

10. How long has the loan officer been with the bank?

True North Business Navigation Professionals evaluates loan officer expertise and experience level in working with small and mid-sized businesses.  Our experience has shown that many loan officers who appear so authoritative have very little lending power.

Save time and money shopping for a business loan.

Contact True North Business Navigation Professionals