A how-to guide to securing loans for a small business.
Bank officer and small-business loan adviser Berdiev knows how to present a loan request in the best possible light. He immediately puts readers at ease because his advice is sensible, clearly presented and thorough without being inundating. The author couldn’t be less interested in fancy footwork or glib patter–he wants readers to be realistic, conservative and, most of all, prepared. Bank officers need information–income statements, cash-flow statements, balance sheets. The author explains how to prepare such documents using historical performance and projected earnings. He draws the curtain back on what loan officers think–does this person exhibit financial competence, a true grasp of the business, what management experience is being drawn upon, what are the risks? He advises that those searching for a loan must be ready to succinctly inform lenders about the nature of their business and impress them with the character of managerial teams, ability to meet payments, capital (equity versus debt), collateral and the current state of his or her industry in the greater economy. In addition, there is an enjoyable tutorial on lender personality types and how best to approach them, plus a cautionary guide to the pitfalls associated with securing loans through family and friends. Berdiev also provides templates, charts, analysis tools and mock interview scenarios in a step-by-step effort to prepare readers for the loan office.
No snake oil on sale here, just simple, straightforward advice.