An import export business needs financing just like any other business. It's common to seek financing from a bank. The reason business owners seek financing from banks is stability and good rates. However, in order to get that financing, a potential borrower must know the procedures banks follow for confident lending. Here are a few basic ways to ensure that you can get financing from a bank for your import export business.
Instructions
1. Consider approaching the Export-Import Bank of the United States. This government institution specializes in small business loans for export import businesses. Regional offices make contacting the Export-Import Bank of the United States convenient and simple.
2. Prepare yourself before you go into meet with a loan officer. Bring a completed loan application, cash flow and financial statements, projections and a cover letter. A business plan is also helpful.
3. Know answers to common questions from the loan officer, such as the amount of money desired, duration of the loan, specific plans for financing, plans for repayment and backup plans if you don't get the loan. Show that you understand the risks associated with import export businesses.
4. Have a positive energetic attitude. Remember that you're a confident professional; dress and behave appropriately. Be absolutely honest in your loan application. The loan officer does check your facts, figures and recommendations.
