I heard a businessman in New Orleans talk about financing on a news show last night. He said it was difficult to get expansion financing and he contacted about 20 banks before he got the financing he needed. His comment was: I finally figured out how to present the request!
I wish i could have met him 20 banks ago; I could have saved him a lot of time and frustration. My strength is figuring out how to finance a business and having a good sense of who will provide the financing. I have many personal contacts in this market (Minnesota, and its neighbor states) and can get a real feel for the loan request with a simple phone call.
Also yesterday I talked with an old friend who told me that his sons had applied for a loan at a major bank in town only to receive a turn down letter in a week or so listing all the reasons for the turndown that were apparent in the first meeting with the bank. They were frustrated with the lost time as well as the turndown. This group seems to have some great talent, professional and practical, and that should make money people comfortable in the deal. I hope to meet them soon, much sooner than 20 banks later!
My business is 99% referrals because people trust that I know what I am doing and am fair with fees. If you know anyone looking for financing please help them by introducing me.
Thanks
