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Oct 19, 2016

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3 Tips for Expediting Your Loan Request

By Kelley Cwiklinski, EVP & Chief Lending Officer

Covenant Bank Chief Lending Officer, Kelley Cwiklinski, recognizes that time is money and business owners cherish both! She suggests following these 3 tips to expedite your loan request and quickly get to your next big opportunity.

1. Share Your Story. As your banker, we want to know about you and the history of your company, how you got started, your relevant experience, and what makes you different / special. What is the life stage of your business and what have growth trends been? How many employees do you have and what kind of culture are you striving to build? Sharing your challenges and successes provides a sense of your journey and vision for the future.

2. Be Prepared. Having records readily available will make a good first impression with your banker. It is customary to provide financial information when requesting a loan, so have the information handy and organized; or better yet, delegate this to your accountant.  Required information may include:

  • Personal financial statement for any principal and/or guarantor
  • Personal tax returns for business principals
  • Corporate tax returns and financial statements
  • Current year to date income statement and balance sheet
  • Recent bank statements for the corporate entity as well as the principals

3. Communicate with Transparency. Define and communicate your needs and expectations up front – loan purpose, amount, and preferred term along with depository needs, etc. Ask questions to make sure you clearly understand the bank's decision-making process, timelines and what to expect. Open, honest discussion focused on the facts and disclosing any "bumps in the road" may eliminate unnecessary stress or delays.
Establishing a relationship starts with sharing information and builds with ongoing support. A smooth loan process is a win / win for both the borrower and the banker; and, it will hopefully translate to more time to run your business and more money to pursue new opportunities.

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