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AS SEEN ON NATIONAL TELEVISION
OVER 60 TIMES

"Programs that make it easy to check your
Bank Statement"

FIRST IN THE WORLD made available to bank customers
Appeared 3 times on front cover of MONEY MAGAZINE

QUESTIONS BUSINESSES SHOULD ASK of LENDERS 7/2/2007

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QUESTIONS BUSINESSES SHOULD ASK of LENDERS

REMEMBER THAT YOU ARE THE CUSTOMER
THEY SHOULD BE WANTING YOUR BUSINESS
WHAT THEY SHOULD PROVIDE TO YOU
WHAT TO ASK OF THEM - HOW THEY SHOULD LOOK AFTER YOU

Ask yourself the following questions:

Why do we need funding from the bank

How will we repay the borrowings

What information will the bank require

Do we provide our bankers with at least quarterly results?

Do we have a good relationship with our bankers?

Do we keep our bankers informed of our business progress?

Does our bank understand our business operations?

Do we have the following information available:

. Profit & loss statements and projections?
. Balance sheet and cash flow projections?
. Information about business history & products & services?
. Information about our competitors, customers & markets?
. Information about our pricing/costing, management & staff?
. Information about our future plans/industry outlook?
. Reasons why we need finance and how we will repay the loan?
. Security available and our business plans?
. The uniqueness and value of our business?
. The risks involved with our business and this project?
. How we will overcome the risks if they eventuate?
. Major ratios of our business and comparisons to industry?

What is our ‘best’ case scenario?
What is our ‘worst’ case scenario?

Do we know what industry standards (ratios) our bank is applying to our business?

Have we calculated the total income (fees & interest) our bankers receive from our business?

Have we tried ‘negotiating’ interest rates and fees with our bank ?
Believe it or not, banks do negotiate!

Have we considered other banks to establish whether we can do better?

Do we check our bank statements for correct/incorrect entries?

Do we check the fees and interest charged by our bank?

Do we believe that banks and other lenders do not make mistakes?
Do we believe that most banks inform their customers when they have overcharged them?

You should compare the facilities provided by different banks and their associated costs.
Read the fine print in the documentation.

Author Name
Kevin Nowland -

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