What are your chances of getting a loan from the bank that services your business checking account? Not good if you’ve neglected to establish a relationship with the manager. That’s so easy to do. And, depending on your type of business, your bank branch and its employees might also become your customers. We’ll discuss that later. Right now, let’s concentrate on getting that loan.

Borrowing money takes much more than simply completing an application. Months before requesting the paperwork, you must begin building a relationship with someone in the bank. This could be a bank officer or branch manager. It won’t be difficult for you to find the right person. It’s the one that the bank employees go to for approvals.

Look for the person who holds the key that unlocks all of the doors and drawers. This is the one whom you must make eye contact with each time you arrive to make those hefty deposits.

Immediately get to know this decision maker. Begin your relationship by establishing common ground between both of you. Within months, here’s the minimum you should know about this powerful one:

1.  His or her name and title
2.  Numbers of years with the bank
3.  Marital status
4.  Number of children and each name
5.  Type of pets
6.  Hobbies

Use your Palm or other organizer to document the details.

During your short, yet informative conversations, this financial decision maker should know the same details about you.

How do you get to speak with this person? This depends on your bank’s interior setup. Your bank may be open and informal, which allows no barriers between you and the decision maker. In this case, say “good morning” or “good afternoon” to the person as you enter. Ask the decision maker if he or she has a few minutes to answer a few questions, which you must prepare beforehand. Such questions are, “Will there soon be banking online?” and “What are the costs to rent a safe deposit box?”

If your bank is more formally structured, ask the receptionist when is the best time to speak with this decision maker.  Make an appointment if necessary.

As you receive answers to your questions, and without seeming too obvious, scan the banker’s desk and surroundings.  Are there family photographs? Is sports memorabilia close by? Does she carry a Gucci bag? Find a commonality between the two of you, and when the last question has been answered, comment on something personal that you see.

Do you also like the same sport? Are your pets the same breed? Perhaps you both have the same number of children or children within the same age. Getting to know your banker by mixing business with personal loves is important. This rapport is critical to establish a relationship to get approval for that future loan.

 

Other details to strengthen your chances for loan approval should not be overlooked. This includes reconciling your statements each month and writing no insufficiently-funded checks.

In future sessions, ask your banker about the loan process. This will ensure that you have the upper hand when it comes to getting the money. Some questions to ask are:

1.  What is the criteria to apply for a loan?
2.  What documents must I provide?
3.  How long is the process?
4.  What can I do now to make my approval chances better?

Staying faceless at your bank, making deposits and withdrawals without so much as a “hello” to anyone but the teller, is as good as stamping “declined” on your own loan application.

Get to know your banker today, to strengthen the chances of getting that loan tomorrow.