GETTING A LOAN, Part 2

You will not believe this, but usually you will get a better loan from a bank that you have never used before.

So, when getting a loan, you should go to at least three banks. Banks usually give a better deal to people who are NOT currently a customer, because bankers get rewarded for new customers. I hear that the smaller banks have more money to loan, because they were smart or they were gone.

The new bank will almost certainly require that you transfer all your accounts to them. Be aware that banks can take money out of one of your accounts and transfer the money into an overdrawn account without even telling you about it.

THE BETTER LOAN WILL NOT BE THAT MUCH BETTER. However, every little bit helps.

Unless your small business is large enough to, without question, survive your death, you WILL be required to personally guaruntee the loan. Personal guaruntees used to be a common practice. It was stupid (banking-wise) to not require them.