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Loan Seekers Must Be Prepared to Reveal All

By Daks, Martin C
Publication: NJBIZ
Date: Monday, January 30 2006
HEADNOTE

Be ready to explain what you do and how you'll repay

IMAGE PHOTOGRAPH 1

Torella 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."

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