Beware of Bankers Bringing Gifts!!!!!

Ever gone to a conference to listen to bankers promising to lend money to you to start up your new business??? All you need is a sound business plan, projections, decent credit and they have millions to lend you to start your business!!! RIGHT!!!

The one thing they neglect to tell you is that you have to show them that you DON'T NEED THE MONEY!!!! They forget to mention that you need assets - i.e. - a house, stocks, land - something they can hold over your head! You need major collateral no matter how sound your business plan is!!!

I am so tired of listening to smarmy bankers smile and tell you how friendly they are to the new entrepreneur and how much they want to help you get your new business venture off the ground. In reality - once you show them you really DON'T need their money to get started - or once you are really making money in your new business - that is when they will be more than willing to lend you ANYTHING you need!!!

That doesn't mean that every once in a while the new business doesn't win - but you better meet some kind of quota for that to happen. So - rely on yourself, build your business one day at a time - and let the bank come to you - for most of us, it is our only chance!!!

I was at a conference just the other day and spoke to the VP of the bank that my company does business with about this very subject. Well - instead of listening to my concerns, having been turned down by them for everything from an SBA loan to PO financing - he tried to walk away from me. Well - I told him as the VP of the bank I use and am so unhappy with - he should make it his priority to find out how he can assist with the growth of my company. Unfortunately - he didn't see it that way and turned his back on me and walked out the door.

For the sake of the good people that work there - I won't mention the name of the private bank serving Connecticut - but that is only because I have integrity - whereas he has a cushy job and a fake smile and goes around giving people false hope in starting their businesses.

Take heart - most of us that are willing to go out on a limb and begin our own business will not let a smooth talker like this win. We make it happen on our own. Only then will your bank become friendly and interested in making your business grow. Don't let them fool you with the numbers - until their numbers include you!!!