Due to the tight money environment the last few years, small businesses have had a hard time getting loans approved by their bankers. But, fear no more! From Worthington National Bank CEO Greg Morse, here are some valuable tips on getting your business loan approved from his book Getting to “Yes” With Your Banker: A Practical Guide for Small Business Owners:

1.   You have to know how much money you need now.

1. Create a business plan that is honest and viable and defines your objectives, possible pitfalls and you action plan for making it happen.
2. Business owners need monthly numbers to figure out how they’re going to hit their projections. If you cannot measure you can’t manage.
3. Never go in and ask a bank for 100 percent financing on anything, have some skin in the game.
4. Have four people you can call on for advice without fear of being billed, friend your banker, an accountant, a lawyer and a doctor.
5. Never be past due on a loan.
6. Always retain some of your profits.
7. To have deep pockets, you have to have short arms.
8. Keep a clean personal credit report.

10.  Keep your deposits where you borrow your money.

For more great tips from Worthington National Bank, follow them on Twitter: @worthingtonbank

We want to help businesses thrive however we can in any environment. Let us know what J.O. can do to help you and your company in your marketing, advertising and public relations efforts!

- Chelsea

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