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<March 2015>



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Simplifying The Small Business Loan Process

By Robert A. Vandenbergh

In this challenging environment, many businesses needing financial support to manage cash flow for inventory and equipment purchases, capital improvements, renovations, or expansion plans are seeking out small business loans. According to a report released by the Community Reinvestment Act, over 95% of the small business loans issued nationwide are under $250,000.[i]

In order to simplify the application process and offer quick decision making for this group of borrowers, Lakeland Bank has created a Small Business Lending Division. Business owners seeking a loan under $250,000 can now complete the process at their local branch with assistance from their branch manager.

When applying for a small business loan, it’s recommended that you have good credit, strong business experience, collateral and cash flow.

When meeting with your branch manager to apply for a loan, you should anticipate the questions he/she will ask you, as well as have questions prepared to ask. Here are some examples of both:

Questions your branch manager might ask:
1.)How much money do you want to borrow?
2.)What are you going to use the money for?
3.)When and how do you intend to repay the loan?
4.)What will you do if you do not get the loan?

Questions for your branch manager:
1.)Describe your bank’s loan process and procedures.
2.)What is the current interest rate for your loans?
3.)What documents will I need to bring to the loan closing?
4.)Will you continue to work with me after the loan closing, and what administrative or reporting requirements will I have to provide for you?

To learn more about our new Small Business Lending Division, simply call us at 866-224-1379 or visit any of our branch locations.

Federal Financial Institutions Examination Council - Community Reinvestment Act National Aggregate Report. (http://www.t.ffiec.gov/craadweb/pdf/2009/N1.PDF).

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