5 Things Banks Look For In A Business Plan

Source: American City Business Journal – Boston

When it comes to securing a commercial loan, business plans aren’t only for startups. Bankers want just as much information from an established business as they do from a new company.

You will have to demonstrate that you and your business qualify for a loan. Doing so will require you to present a story that is both compelling and complete.

“We want to hear the good, the bad and the ugly,” said David Bennett, senior vice president of business banking at Middlesex Savings Bank. “We may be able to help by connecting the business with mentoring partnerships like SCORE and the Small Business Development Center network.”

“Middlesex works so closely with its customers that its bankers might be considered part of the customer’s team of advisors, along with CPAs, attorneys, and insurance agents,” Bennett said.

“We can help them grow their company and ease their cash flow concerns. A lot of times they don’t have a team in place to help solve important issues,” he said.

A bank’s ability to help a business stems largely from the initial meeting with a client.

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