Loan Seekers Must Be Prepared to Reveal All
Monday, January 30 2006
Be ready to explain what you do and how you'll repay
IMAGE PHOTOGRAPH 1Torella checks his project's progress with Robert Paz, who heads Sax Macy's Construction Industry Croup.
JAMES KOCSI WAS WONDERING why a New Jersey busineswoman couldn't get a $75,000 bank loan. Her financial records seemed to be in order, but six different banks had turned her down, says Kocsi, the Newark-based district director for the federal Small Business Administration (SBA).
Then he got a call from one of the bankers, saying the owner had run into his office screaming she was desperate for funds.
"Banks won't give you a loan just because you need the money," says Kocsi. "You've got to give them a sound presentation, backed by facts. Some small-business owners just don't seem to get this point."
