It seems simple, if you want a bank to loan you money, then you want to present complete information and a strong case for your business as a safe investment for the bank. Small business owners are indeed turned down for much needed loans. Loans are often turned down because the loan application or supporting documents are poorly prepared. If you find yourself in a cash crunch, you want to obtain a loan quickly and efficiently. To gain the confidence of the lender, you must demonstrate both your seriousness and preparedness.
Loan officers look for red flags in packages.
A well prepared package that accurately reflects the business and provides all of the information requested, helps to indicate your seriousness about receiving the loan and being both willing and able to repay the debt. Make bank contacts long before you need them. If you're starting a business, get to know the loan officers at your bank. They will be more comfortable making a loan to a person they know. Early meetings give you a chance to tell loan officers about your business and its aspirations.