Business loans are an integral part of any good business strategy. When you have cash shortfalls or need that expensive snowmaker for your mountain resort—we may be appealing to a small slice of you right now—you have to have a business loan for small business or other type of financing to get that done.
Seeing as it’s inevitable that you’ll at least think about a business loan down the line, it helps to have the right person in charge of procuring said funds. After all, you don’t want to get poor terms or take up with a shady lender who will hook your small business up with a bad business loan. That’s a terrible, terrible idea.
So you want a smart, financially-savvy person in charge of that procurement. You want them to knows what they’re doing and will be able to get you the best possible deal so you can put those business loans to work for you.
Here’s a couple of handy rules of thumb for the person in charge of securing business loans for your company:
- Have them know their stuff. Your ideal employee in this arena will know as much or more than the companies you’ll be dealing with. That will allow you to slash through the sales pitch and indicate that you’re serious about getting the terms that you want.
- You need a good negotiator. Many lenders have inflexible terms, but if you can push for that extra half a percentage point or extend the term of the business loan, that’s something you really need to do.
- You need someone who can get the deal kicked off and monitor it throughout. Getting a business loan doesn’t end with the loan paperwork being signed. You have to stay on top of weekly or monthly payments and see the whole process through. Get someone dedicated.
If you’re working with a good finance company and have the right employee, business loans can be an invaluable resource for you. Make sure you have both.
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