176 | HOW TO WRITE A BUSINESS PLAN
stage so that you get the full benefit of
their good ideas.
If your business will have enthusiastic
supporters, whether it’s a music store or a
dentist’s office in a rural area where there
is no dentist now, these people may offer
financial help. Figure out ways to get the
word out in the correct circles. If people
care, they may respond favorably.
Banks
The main point to remember about banks
is that they lend money, they don’t invest
it. A banker will want to know all about
you and your business, but when it comes
to saying “Yes” or “No,” the security of the
loan will be paramount.
When approaching a bank for the first
time, it is important to understand that
within all banks, responsibility for different
tasks is divided. You want to talk to the
loan officer in charge of small business
loans, not the trust officer or the person
in charge of getting the automatic teller
machine to work right.
Bankers, like almost everyone else,
prefer dealing with people they know.
The ideal way to meet a bank lending
officer is to know a bank vice president
socially and have her refer you to the loan
officer. However, if you are like most mere
mortals and don’t have any old school
ties or country club connections, you will
have to be creative. Almost anyone who
owns a successful small business will have
friendly contacts at a local bank, as will
accountants or business consultants. See if
you can arrange an introduction or at least
get permission to use your contact’s name.
If all else fails, call the receptionist and ask
the name of the small business loan officer.
Once you have a name, telephone
for an appointment and briefly describe
the subject matter you’ll want to discuss.
Show up on time with your business plan
and loan package. Open the discussion
by talking about your personal business
and employment history. Highlight your
community involvement while trying to
discover common interests and acquain-
tances. Maybe you both have children in
Little League, maybe you both belong
to the Rotary Club or the Symphony
Association or the Volun teer Fire
Department. Who you are in the com-
munity and what you have accomplished in
other jobs or businesses is an important part
of the loan application process.
While it’s important to be businesslike,
it’s also important to take your time. After
all, you want to avoid giving the banker
the impression that you’re in a hurry or are
desperate—he is not going to approve your
plan immediately under any circumstances.
Expect lots of checking and probably a
series of meetings. But never forget that to
get a loan, you have to ask for it. As part of
each meeting with the bank, ask politely but
specifically about the status of your loan.