Bankers have the money, control the money, determine where the money will go and who will get it. In the vernacular, those decisions are called “loan approvals.” Do Banks skew to the conservative when making lending decisions? Depends on the Bank, but overall, the answer is probably “YES.” Sure, riskier credit scenarios can find a home, along with commensurate difficult terms including higher interest rate and other factors.
That leaves the Artists, or, you, the Business Owner, out in the cold and wondering about how to obtain the capital you need to grow your business.
At Aurora Consulting, we believe the path to success for your business credit financing request lies in three factors.
The first factor is the choice of Lender. Different Lenders have different tolerances for risk. And, different Banks have different perspectives to find a profitable return for their Depositors’ money. Any given Bank may create lending opportunities due to a strategic decision to lend more in certain credit profile areas. In both these types of Banks/Lenders, though the credit risk may scare away a more conservative Bank, the terms of the loan don’t have to be onerous.
We believe the second, and maybe the most important factor in credit financing success is in presentation. We recently watched the Will Smith movie “Hitch” where he plays a coach of sorts to lovelorn men seeking to get out of their own way to find success in love. Much of the advice “Hitch” gives has to do with presentation, the manner in which a man listens to a woman, the way he honors her presence, and more.
We think that the Loan Application and the manner in which it is presented to a Lender is the fundamental key to success, combined with the other two success factors. That’s why we strive to ask all the same zillion questions an Underwriter may ask, why we collect so much documentation up front from our clients, and why we carefully package our loan requests to present to Lenders.
The final factor for success in credit financing is the positivity of “The Close.” Obstacles pop up along the way in every financing transaction. Our aim is to overcome obstacles with positive attitudes and a sharp focus on getting to the closing. We use positive language, we seek out positive solutions; we refuse to be waylaid by negative emotions, words, challenges. This is our Closing Attitude at Aurora Consulting.
Bringing these three success factors together is what we do at Aurora Consulting. It’s no secret to any experienced financial professional, but it certainly feels like it’s our own secret recipe for credit financing success.
Whether you are an entrepreneurial “Artist” seeking to bring your vision for success to life with business credit financing, or a Business Owner searching for the best solution for your working capital needs, let us at Aurora Consulting be your concierge to guide your financing needs to the right conclusion, the one where the Bankers embrace your “art” and release the money to fund your continuing business success story.