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How To Prepare Before Meeting a Small Business Lender


With our in-person lender panel event coming up, you might be asking yourself, "What should I prepare before meeting with a small business lender?" The Pace SBDC has some simple recommendations for business owners looking to put their best foot forward, but our biggest piece of advice is to meet with a business advisor. Our business advisors offer personalized advice at no-cost to entrepreneurs, and we can help you prepare based on your specific business goals, stage of business, industry, and other factors. Visit our contact page to make a no-cost appointment with one of our NYS-certified business advisors.


Bring Business Cards and Have a Pitch

You may have spoken about your business before, but doing so at a conference or panel event means doing so concisely, coherently, and with a level of polish. The goal at a large event is to make a lot of new contacts, and entrepreneurs need a quick, thorough pitch that summarizes their background and business for each new person they meet. Practice a pitch for your business and make sure you have plenty of business cards to give interested parties.


Know Your Financial Goals and Communicate Them

Are you looking to buy equipment or real estate? Does your business need a line-of-credit to use when sales are slower? Perhaps all you're looking for is a better understanding of small business loans, but whatever your financial goals are when you meet a lender, you want to clearly communicate them. An entrepreneur who approaches a financial institution looking for a specific amount for a specific project is more likely to have a positive response from said financier. Take time to detail how much financing your business needs and exactly what projects and goals it will allow your business to achieve. Speak with a Pace SBDC advisor for assistance with this.


Get Ready For Follow Up By Preparing Projections and a Business Plan

You're not at a conference or panel to make a deal on the spot, but rather to make connections that could potentially lead to one. This means following up with the contacts you make is a crucial, final step in attending an event. When you're making these follow up calls or sending follow up emails, you'll want to be armed with crucial documents as relevant. This can be different for different situations, but some common items requested by small business lenders include: a business plan, financial projections, accurate historical financial documents, tax returns, and more.


Don't Fly Solo! Meet With a Pace SBDC Business Advisor

Our business advisors offer personalized advice at no-cost to entrepreneurs, and we can help you prepare based on your specific business goals, stage of business, industry, and other factors. Visit our contact page to make a no-cost appointment with one of our NYS-certified business advisors. Lastly, be sure to register for our in-person lending panel and networking event on May 18th at 9am on Pace University's Lower Manhattan Campus (1 Pace Plaza).

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