Traditionally, a bank operated from the local community and made loans to local businesses. Bankers knew every business and owner as a result of living and working in the area. Today most banks rotate their employees from one branch to another, making it difficult for bank employees to become familiar with local businesses. Adding to the confusion, many loan decisions are made at a distant regional or national headquarters rather than within the community. This makes it challenging for the borrowers’ story to be told and understood. In addition, there are many banks that make loans nationwide and do not build relationships with businesses prior to closing a loan. These banks won’t meet the borrower or see the business until after the loan has been approved. Without a well-prepared written loan package, it is unlikely that a business owner will have the opportunity for a face to face meeting to describe their business.
Having an experienced advocate to prepare a good story gives borrowers a better chance of a loan approval. In addition, most banks consider bowling buildings to be “special purpose” which are considered a higher risk than normal retail or apartments. Many loans secured by special purpose buildings are made by smaller out of state lenders using one of the SBA programs. These lenders can be hard for the small business owner to find. Ken brings relationships with both types of lenders that pave the way for a story to be heard by someone who is willing to listen. Ken brings more than thirty years of experience in negotiating small business loans as well as a relationship with dozens of banks nationwide.