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http://www.myownbusiness.org
Session 9 how to finance your own business

Question:
"What is the worst mistake people make when applying for a loan?"

Banks rod
Executive Vice President of National City Bank

Topics covered in this video:
Commercial loans, financing, and errors, and the preparation, using the Action Plan

There are a lot of mistakes that can not be applied when the business for the first time for a loan. The first is that this is not a plan of action: one of the most important tools a business startup can be. And will describe your business and tell the banking What is your vision for your business, and where you want at the end of the day to take your business.

Inability to express that vision is another mistake that people have. One may say they want to be in the automotive sector, but a poor job explaining exactly what you want to be really specialized in it.

Also, I would like to have unrealistic expectations of funding. Many people expect to come and the moon. You have to realize that you do not have this track is now a bank. So we must be realistic.

Lastly, you must be professional in how you approach a bank account. You really need to be prepared, you need to think about the present and perhaps you have a plan of action for a few friends to allow them to ask questions about it. To become more professional, and you'll be better at this stage of the loan application.