06: Show Me The Money! Business Loan Application Success with Donna Bannister

Ever wondered why it takes so long for a bank to approve your business loan application?  As days turn into weeks without a response, you're left confused and anxious, pulling your hair out wondering what exactly is happening behind the scenes.Getting a bank loan approved for your business can be frustrating when it seems hard to access clear information on the complex loan application process. In this episode, Sally interviews finance expert Donna Bannister, who demystifies exactly how banks assess business loan applications over $2 million. We break down the lengthy but critical process banks use to assess loans over $2 million.In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:The numerous critical pieces of information banks require to paint a picture of your business (2:30)What credit managers look for when deciding to approve loans (3:58)Why your banker and broker relationships are key to timely loan approvals (9:01)How your financial reporting impacts your chances, from accurate financial statements to projected budgets (12:14)How issues like assets written-down for tax can unexpectedly hurt your loan application (18:43)Getting significant business funding from banks is never a straightforward process, but it doesn’t need to feel like a black box either. Tune in to equip yourself to understand banks’ critical evaluation criteria and loan approval procedures.CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/