Discussions with your banker
You’re creating a business in France, and your business plan made it apparent that you needed some funding. If so, you’re going to need to talk to a banker, and that can be a surprisingly difficult task. You’ll need to be well-prepared, and have a solid project, or you might not be able to get that loan you need so much.
And so, the very first thing you’ll need to do is present your project.
Summary:
- What you need to know
- How to ease the talk between your banker and you
- How to handle the first meeting
- What next?
What you need to know
Before asking for a meeting, it’s important to know about the contexts in which banks would be willing to give you a loan. For instance, you need to know that:
- It is extremely rare for banks to help you finance your core activity
- If you’ve got little to no personal funds, you’ve virtually no chance to get a loan
If you want more details, check out how to get banks to grant you a loan for your project in France!
How to ease the talk between your banker and you
Remember that all of your interactions are going to be based on trust. For such trust to be established, you should:
- Run through the advertisement published by the bank, its marketing campaigns, the interviews of its managers, etc. , in order to have an accurate idea of their commercial strategy.
- Visit the websites of major banks to learn how they deal with company creation
- Go to professional exhibitions to gain additional knowledge and to find new contacts
- Contact your banker directly, as he is used to the way to run your account and the way you deal with problems
How to handle the first meeting
The first meeting is always the most important! As such, it is imperative that you:
Prepare your project with professionalism
Having a solid project and presenting it in a “professional” way is key. It doesn’t mean you should write an entire thesis on your project; quite the contrary: you need to be able to describe it clearly in few pages.
Tables and charts are generally very appreciated if they’re precise and concise. Though, you should try to emphasize commercial and financial elements (starting investments, potential customer base, etc.), as well as planned expenses (employees, rent, etc.).
If you’ve got a brand-new innovative project, it has to be described very clearly, and its economic impact needs to be precisely stated.
Prepare your interview
To start with, it would be a good idea to make a list of questions the banker might ask you, and prepare answers you could use to convince him. You might also want to practice speaking out loud, to make sure you are as convincing as possible.
What next?
Always remember to:
- Give all the written record to your banker, as well as any document he might ask for
- Ask for all the details on the conditions of your loans, the time it will take to get an answer, and even the schedule of the reimbursement.
- Once you’ve obtained your loan and your company is created, try to stay on good terms with your banker! For example, booking meetings with him to discuss different aspects of the growth of your activity could help. As such, trust between the two of you will be established, and he will be more inclined to help you if you need additional financial help.
