Why Banks Deny Loans to Virginia Business Owners

www.WeWriteBusinessPlans.com

Why do banks deny business funding to Virginia Companies?

How can you be approved?

Cheree WarrickBusiness Plan Expert. Speaker. Author.


There are 3 major problems banks have with bank loan application

packages from Virginia businesses.


Problem #1: Inadequate Credit Score or Collateral

Each bank defines “adequate” differently. The amount of collateral or appropriate credit score needed depends on the loan program you qualify for and other factors. If you can’t show the bank that you’ll pay back the money, they won’t approve your loan.


Problem #2: Entrepreneurs can’t articulate their vision

How will you attract paying customers? Can you turn them into loyal, raving fans?

Within your business plan, you MUST show how you will not only attract but also retain patrons. You must be able to express all this information in a clear manner to the bank underwriter.


Problem #3: VA Entrepreneurs don’t know their numbers

As a business owner you must know the numbers behind your company. You must be able to read and explain documents such as a profit and loss statement so you can alleviate the bank’s risk concerns about lending to your business.


Question:How Can You and Your Small

Business Raise Capital?

Answer:Through the creation of an investable business plan


Testimonials For These Strategies

My experience on Shark Tank has taught me how to spot the startups

most likely to succeed and get funding. The strategies taught by Cheree offer entrepreneurs the

best shot at receiving capital from investors like me.

- Barbara CorcoranAuthor of Shark Tales: How I Turned $1000 into a Billion Dollar Business and Star of ABC's Shark Tank



As in any business, it is not what you want to sell that matters. It is what the customer wants to buy. This book is a terrific reality handbook

for raising capital and understanding EXACTLY what investors want to buy from you

when they are looking to invest in your company.

-Valerie S. GaydosPresident, Capital Growth, Inc and Founder of Angel Venture Forum



Yes, it may be tougher to receive bank financing today than it was 10 years ago, but banks are eager to lend. We're looking for businesses with strong financial statements and business

teams that can take advantage of market opportunities.

Cheree does a first-rate job of explaining what the bank is looking for and how entrepreneurs can position their

companies to receive bank financing.

-Richard IronsSenior Vice President and Commercial Banker, First Citizens Bank



As a commercial banker, I have the opportunity to speak with lots of entrepreneurs and view plenty of

requests for financing. The strategies within "Creating Business Plans that Actually Get Financed" create a

roadmap that all entrepreneurs should consider in order to successfully receive bank financing.

-Rafael MartinezCommercial Banker, Access National Bank


There are 5 major components of a bankable business plan.


Investable Business Plan Component #1

Tell Them Your Market Opportunity & What

Problem You’re Solving



Tell Them Your Customer Acquisition &

Retention Plan



Tell Them Who’s On Your Team



Tell Them About Your Competition & Your

Competitive Advantage



Give Them Your Financial Projections


Who should help you write your “bankable” business plan?


3 Signs of a Great Business Plan Writer

1. She has owned her own business outside of writing business plans and general business coaching/consulting.

2. She feverishly studies all aspects of business and keeps up to date on the latest information about lead generation and sales conversion.

3. She knows how to read financial statements and can tell you what’s happening in the business based on the numbers.


About the AuthorCheree Warrick, founder of The Profit Partner and professional business plan writer, develops business plans for companies throughout the mid-Atlantic (Virginia, Maryland, Washington D.C., New Jersey, Delaware, Pennsylvania, and New York) and helps her clients obtain bank loans or angel financing for their growing small businesses.

Contact www.wewritebusinessplans.com to learn more.

http://www.wewritebusinessplans.com/

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Why Banks Deny Loans to Virginia Business Owners

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