Why Your Bank Won’t Give You a Loan
26 March 2013
The global financial crisis has had a lasting effect – it’s harder now than ever to get a bank loan. In fact, in certain regions the number of approved loans has fallen from 1 in 5 of all applications down to just 1 in 15.
Michael Fingland, Director & CEO of Vantage Performance, says banks are just as willing to loan money, but they need to ensure the customer presents them with the core fundamentals of a business plan. In this edition of the Vantage Performance Podcast Series he explains to Phil Dobbie what you need to present if you want to avoid being knocked back.
The good news is, the time and energy preparing what the bank wants to hear will almost certainly spin off into positive operational outcomes within your business. You’ll get the money and have a much clearer idea of where you are heading.