Ask an Expert: Loan tips from 4 lenders
Tips and advice from four lenders on how to make the loan application process quick, effective and efficient as possible.
For producers applying for a new loan, what tips or advice can you provide to make the process as quick, effective and successful as possible?
Create realistic projections
Joanne Prysunka, Manager, Business Banking Centre
Mountain View Credit Union, Olds, Alberta
Show you’ve considered the average, best and worst-case scenarios. If significant changes are planned, have a detailed business plan. Identify key risks and how you intend to manage them. We’re committed to your success, and understanding the entire picture helps to quickly approve appropriately structured credit.
Have decision-makers present
Aimée Basset, Senior Relationship Manager
Farm Credit Canada, Humboldt, Sask.
When meeting with clients, I like to meet with everyone involved in the operation. If it’s a husband and wife partnership, I want to meet with both. If there’s a succession plan in place, include the next generation. Everyone plays a specific role.
Show us your operation
Dale Snider, Senior Relationship Manager, Agribusiness and Agri-Food
Farm Credit Canada, Geulph, Ont.
For agri-food and agribusiness companies: Give your FCC Relationship Manager the chance to meet with the CFO and CEO (if available), and tour the main site (if more than one site, details can be determined). It will help us add even more value to the relationship.
Share your vision
Philippe Martel, Senior Relationship Manager
Farm Credit Canada, Drummondville, Que.
Identify your overall vision and goals. It’s fundamental because it allows you to determine the key objectives and steps to be accomplished over time in order to build the business you want. Take time to talk things over with your Relationship Manager and lay the foundation of trust.