What Banks look for in Business Loans

[Rheis Cloutier]

Hi everyone, first of all, I want to say that I am very happy to be getting back here on the Bigger Pockets Forums. This year I have decided that I will be growing and learning more this year and that includes spending more time here learning and contributing. That being said, something I have been wondering about, while real estate is my desired field, I was curious about business loans because I have an idea for a business here in New Hampshire. I have been out in San Diego for work for the past few months and there was a business here that really caught my eye. I know for a fact that this type of business would do great in New Hampshire and I would like to model their idea (but not steal their idea) in New Hampshire. Something I have recently learned is modeling the successful people/ businesses in your life with your own little niche (in this case my niche would be that the location is not in this other business area) you can be successful as well. They have multiple locations, mostly on the west coast and one down in Alabama; I really do believe that this business would be a big hit in my area.

My question for you out there is whether you have applied for a business loan or you used to work as a loan officer for these types of transactions, what aspects of the business would you want to know about that would make the bank feel comfortable with this loan? I don't have much knowledge in this area as my desired area is real estate and that is where I have don't most of my research, however, sometimes a path just shows up for you.