Fortune Small Business:
Question:
If borrowing won’t get any easier, then how will potential new small business owners go about getting qualified quicker? - Cynthia Lee, Charlotte, N.C.
Answer:
Cash is king, says Rebecca Macieira-Kaufmann, executive VP and head of the small business segment at Wells Fargo. ‘If you really understand your cash flow and what your needs are, you are going to do better at the bank.’
When sifting through potential loan candidates, bankers look at the 5 C’s of credit: character, conditions, capital, cash-flow and collateral. For small business owners already in business, this analysis includes both personal and business credit history. An already-established relationship with a bank can speed things up, too. More.
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