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| Kst1 has a lot of good advice.
Like it or not, if your on the tipping point of getting a loan or not, the loan officers first impression of you will be the determining factor. When I started in the cattle business I had 18 cows and a pickup to my name. With just that and no one to co-sign I walked into the bank with a folder 1/2inch thick full of tables and figures along with a 5 subject notebook full of scenarios for success and failure. Walked out with a quarter mill line of credit to finance a beef operation. Honestly talked maybe 10 minutes about my plans, and the other half hour listening to the officer reminisce about old times. When she asked a question I had an answer and data to back it up. After a bit she just looked at the folder and said, “we shouldn’t have any problem getting you going”. Financed the rest of my operation with a quick stop and sign or just a phone call for what I was going to purchase. She has since retired as well as the guy who took over, so now on the third loan officer and have yet to open the folder or notebook to get operating money since that first visit.
To the op, if you do try another lending facility, look at your finances from a lenders perspective. Get your debt/equity ratio figured and get a plan to make it better if it’s not inline with lenders expectations. Have 1, 5, and 10 year plans in writing, they want to see you getting to a point where you don’t need operating money and instead taking out long term notes that are more secure. | |
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Lines of credit
