Now that your personal and business preparations have been completed and you are familiar with the loan process, you are now ready to go various financial institutions to obtain funding. Each has its own application process, guidelines and requirements.
It is strongly recommended that you start with the financial institution with which you have an existing relationship.
The Local Financial Institutions in Hampton Roads that offer loans to small businesses.
If you are successful at securing financing, congratulations!
If you were not successful in obtaining financing, ask the banker the following questions:
- Why was my loan request denied?
- What specific elements of the business (and business plan) presented challenges to the loan opportunity?
- What specifically about me, the principal in the business, presented challenges to the loan opportunity?
- What, if any, resources exist in the community to help me enhance my ability to be successful with my loan application
- Given my business type, focus and sector, can you provide leads on other lenders focusing on my business type?
Based on the answers to these questions, consider addressing any issues that have come to light. Contact the local small business support organizations, such as the SBDC and SCORE, which are designed to give you the best chance for business success and see what information or assistance they can offer.
Once you have reworked your plan or addressed other issues that concerned potential lenders, review your banking options and schedule an appointment for another meeting.