The Deal Room · [EP 316] Getting a Loan to Buy a Business: What Banks Actually Check Before They Say Yes
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regularly follow up with the lender, ask for loan status, next steps and problems, and hold them accountable
“In most states, banks are not required to pay interest on escrow accounts. And so even though your lender is holding that money in a bank account, they're not earning interest on it”
“Ask happy customers… put the link in a text message, follow-up email, invoice or QR code; the fewer steps, the more people will actually do it.”
“Every quarter, we're getting the whole sales force together and training them and holding the managers accountable in between the quarters.”
“Offset account… loan limit minus what you've got in your offset account… $500,000 loan, $100,000 in savings… charged interest on $400,000”
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