Banking

Tell the truth!
 
Wasn’t making lots of money one of the primary reasons that you started your enterprise? I jokingly ask this question, however one of the main obstacles to accomplishing the goal of making money for most small business owners is the lack of money. In other words, most small business owners lack adequate amounts of working capital to ensure that their endeavors have a chance for real success and growth.
 
Working Capital is defined as the available amount of liquid assets a company has to grow and operate. Many individuals have attempted to gain working capital from a financial institution; however most are unsuccessful due to their lack of preparation. I would like to share with you a couple of useful tips that will assist you in attempt to secure working capital from a financial institution.
 
1. Know how much money you need and have a defined use for it.
 
Most companies that apply for a loan do not provide a specific reason nor do they have a business plan for the money that they request. It is imperative that you take the time to plan how the money will be used for your business. Equally as important, you will want to show the plan of how the loan will be repaid. Be sure to consult with a professional business consultant while planning your loan application.
 
2. Be knowledgeable of your credit report history.
 
Credit is one of the main predictors of whether or not loans are approved and the interest rate at which they are approved. You should obtain your credit report from each of the credit bureau’s at least once a quarter. Be sure to work to remove any derogatory items from your credit report before applying for a loan.
 
There are many other considerations when it comes to obtaining working capital from financial institutions. Washington Mutual Bank would like to be a part of your business’ success story. I am available to partner with you and get you pointed in the right direction.
 
Jeffrey Boney
Vice President
Regional Business Banking
Washington Mutual Bank
jeffrey.boney@wamu.net
Office 281-493-2713
Direct 832-868-5663