Most businesses can’t self-fund all of their operations and strategies all of the time. So they must turn to lenders to help bridge the gaps. Getting this must-have financing can be a daily concern for many business owners and CFOs, and becoming more “lender friendly” can instantly increase your chances of securing those funds faster and with less frustration.
Your lender is going to be doing a variety of activities when you request financing and if they see a red flag it could cause significant delays. Lenders talk to countless businesses that are trying to secure funding, so if you can set yourself apart by being proactive, coming prepared and demonstrating your professionalism, you’ll take higher priority.
This is true when looking for financing from any type of lender — whether it’s an alternative lender, bank, private investor, leasing company or anyone else looking to advance capital.
Again, the goal is to be “lender friendly” so they will quickly recognize you as a valuable prospective client.
Before you even talk to a lender, you should perform the exact same tasks they will be doing to check that you would be a worthwhile client. If you discover problems, you can fix them in advance — saving you time, reducing frustration and improving your chances of getting financing.