According to the Central Indiana Better Business Bureau, KeyBank was honored as a large bank that supported the most jobs with its SBA lending program. KeyBank made the most loans and loaned the most dollars utilizing the most SBA programs. Meanwhile, Open Bank was a small bank that approved the most loans and dollars. Open Bank also was recognized for approving the second highest number of loans to underserved markets.
There were some good tips in the article about borrowing. Bankers look at your personal credit history (credit cards, mortgage payments and personal bills) to get a sense of your track record with financial responsibilities. A banker won’t approve a loan that he doesn’t think has a chance of getting paid back. Have a plan for repayment when applying for a loan.
Lay out details of how the venture is going to make the revenue necessary for a profit and be prepared to have collateral. Explain why the loan is critical and don't wait till you need a loan to approach a banker. Develop a face to face relationship with a bank so they get to know you. Financial statements prepared by a CPA are important to a successful loan application.
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