Playbook / Lessons / Applications: accelerator, grant and lender
Cash-flow businessLead with income, assets and credit, not the story
An entrepreneur and teacher explains how banks think: they want to lend but must be repaid, so they look for assets and income, a good credit score and often a personal guarantee. He recommends a local bank, and keeping the banker informed about good and bad news.
“Banks don't care much about your business plan, especially when borrowing money from them.”— Mark Zweig, Essential things to understand about working with a bank, Apr 2022
Do this
Write a one-page sheet this week listing your income, the assets that could secure a loan and your personal credit score, and you put it on top of any loan request.