It can be overwhelming to navigate the maze of small business finance. And whether or not you are ready for a traditional bank loan or end up being eligible for one of our loan programs, it’s important to establish a relationship from the onset. But if you’re not currently working with a lender, how do you find the right banking relationship for your business?
Tips for finding a lending partner for your business:
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Start with any lenders with whom you already have an existing relationship. This includes banks or credit unions where you hold business or personal accounts.
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Reach out to lenders in close proximity to your business’ primary location. They are likely knowledgeable of the area and have a vested interest in helping spur business activity within your community.
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Do your research! Chat with banks of all shapes and sizes, including small, medium, and large institutions. All lenders have different criteria and credit standards that they abide by. So just because you hear “no” from one lender, doesn’t mean the next one you visit will have the same response. If you do receive a decline, ask the lender what would make your application more likely to be considered. This is also a good opportunity to ask for referrals to other lenders that may be able to consider your request.
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Whether or not the lender you’ve reached out to facilitates SBA loans, it’s possible they can still partner with us. Feel free to have them reach out to one of our Client Relations Officers to learn more. (Client-Relations@bside.org | 303.657.0010)
Case in point: Just because you hear “no” from one lender, doesn’t mean all lenders will have the same response.
Still not quite sure on next steps? Reach out to our Client Relations team.