The viva has always held a sword over our heads when we were youngsters looking to pass our exams.
Growing up, things haven’t been that much different. We’ve all given our fair share of job interviews, nervous and eager to make a good impression. And if you’re an entrepreneur, there’s another type of interview that you must be all-too-familiar with – the business loan interview.
Once you’ve decided that you need to take a loan, gathered all your documents and put together a killer business plan, there’s just thing that stands between you and your business’ growth – the business loan interview.
Most lenders aren’t looking to reject you on the basis of how you do in the interview, although some banks have been known to be very strict. But with a few tips and a little planning, you can ace your business loan interview even before applying. We’ll show you how.
#1 Know your business plan really well.
After you’ve made the foolproof business plan, study it really well. You need to know it inside-out, without needing to refer to any notes.
Do your homework thoroughly. Anticipate challenging questions and be prepared with well-researched answers. Back up your statements with figures and examples. It shows that you take your business seriously and that any business funding that you get will be in good hands.
#2 Study your lender — and your interviewer.
Try and read up about your lender before you apply. Get a feel for the type of businesses that the lender is known to give business loans to.
Check out the online profile, read reviews and also see if you can find postings about other people’s interview experiences. This will give you a clear idea of how easy or tough the lender can be. Don’t let yourself be caught off-guard.
#3 Conduct a mock interview.
Conducting a mock interview can help you understand your weak and strong arguments. Hearing them out aloud, in response to a question, will give you a chance to improve a point or exclude it altogether if it does not add value to your argument.
Practice the business loan interview a few times to improve and perfect your presentation.
#4 Keep all relevant documents ready.
You might not be asked for any, but it doesn’t hurt to keep hard copies of your financial records, your business papers, past and current management, etc. ready for you. Don’t leave behind any document that has the potential to strengthen your argument for getting this loan.
Enhance your chances of loan approval with a P&L statement.
You can also carry along photographs of your products, happy customers, office or factory location, etc. to make your business and presentation come to life. Few essential tips to remember that will help you in the business interview.
#5 Be confident.
Lastly, remember to be confident. Wear your lucky clothes, make sure you sleep enough the previous night, don’t keep any meetings right before or after the interview ad practice your confident greeting.
Believe that you are going to get it, and you will.