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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
Elements of a good startup pitch Getting their attention… and keeping it.
The. of and a to in is you that it he for.
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