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  • Your Business Loan: What Banks Need

    Game Plan

    In-Depth

    Bankers Love Data

    If there’s anything that impresses a potential lender the most, it’s signs that you’ve done your homework, not just providing information on yourself and your finances, but also information about your business potential.

    Your business plan will include projections of your expected financial performance, but presenting additional data on your industry, your market, and local economy will certainly make a favorable impression on your banker.

    For information on the nuances of your specific market, you can communicate with your industry trade organization and review their most recent publications and research online. For information on specific state and local economies and potential economic development agencies in your area, this list can help you locate a wealth of data.

    In addition, there are several sources of data from federal government agencies that may be useful:

    You’ll also find helpful information from the Small Business Administration and FedStats.gov.
     

    Game PlanGame Plan

    Game Plan

    • Gather as much data as you can on your industry, its potential for growth, and trends that may influence your business planning.
    • Consult with your local or national trade organization for additional information. You can find a list of organizations to get you started at Wikipedia.
    • Use an online search engine and enter terms such as “Industry trends [your industry].”
    • Review recent changes in your industry, such as wages and prices, to determine how they may impact your marketing and financial planning.