Are you on the verge of requesting for a loan, attending an interview for loan application or awaiting the outcome of your loan application? This write up is written is with you on my mind!
I have received a few emails and phone calls bordering on the topic above and subsequent requests from clients that I advice them on ” how to go about it(loan application and interview process), I mean questions to ask, steps to take and how to negotiate with them in a way to the loan will favour me(him) because I am(he’s) starting up a new biz..”,quoting one of such requests.
Interestingly,I have dedicated a whole chapter to this area of business startup and survival strategy in my book ‘1000+ Practical Business Ideas and Directory of Money Sources’ but I am grateful still for the opportunity offered by these enquiries to remind you of these following steps to observe when having a loan application interview.
1. Have a sound business plan document with you. You can use the business plan templates in my book to develop your own business plan. Remember that documentation is key.
2. Know how much you want and how you intend to pay back the loan so you can state and emphasize this at the interview ( Don’t say “it’s already stated in my proposal”!)
3. State the collateral you are willing to offer,at least be realistic, most loan givers are more comfortable giving loan to someone willing to provide a collateral even if they may not use the value of your collateral to determine the value of your loan or vice versa.
4. If it’s a relatively new business, state some of your previous accomplishments in business.
5. Dress conservatively,be confident and relaxed.
Look into their eyes when speaking.
6. Be as honest as possible. Let them be convinced of your credibility.
7. Pray for favour.I like to remind you that the ‘heart’ of the king ( loan provider) is in God’s hand and can be turned to embrace and favour your request.
8. After the interview,remember to do a letter of appreciation to the loan provider and if your loan request fails to sail through, humbly and politely request to find out reasons why your loan application was rejected.
Don’t ever give up on your business goal.
I wish you good luck and God speed.
Sunkanmi Vaughan is the author of the most authoritative business opportunity handbook ‘1000+ Practical Business Ideas and Directory of Money Sources‘