Hardwood Floors April May 2018

EARTHWERKS ® . POWERFUL PERFORMANCE STEMS FROM THE C RE.

By Bree Urech-Boyle

• Bring the most recent three years of nancial statements for the business, including projections, if necessary. • Be ready to explain the current status of the business and any headwinds that may be a factor in the future. • Plan ahead and allow time for the process. You don’t want to be reliant on the bank/lending source to keep your doors open. It is easier to obtain nancing when times are good as opposed to needing the loan to stay in business. A line of credit is always good to have, even if you don’t need it at this time. • Be patient and don’t get frustrated if the lender is asking a lot of questions. eir job is to identify the risks associated with the loan, and their decision is ultimately a ected by the answers and information you provide, and the manner in which you provide it. • Relationships are critical. Make it known to your lender that you are looking for a long-term partner and not just a quick loan. Don’t lead with the rate discussion. Whitford acknowledges that the topic of securing lending is broad. Each organization is di erent. At any given point in time, organizations will be at di erent stages in their business cycle, have di ering needs for funding, and varying degrees of nancial leverage. Utilize the SBA and other resources including developing a relationship with a lender you can trust to go to bat for you and your business. Lenders want to lend you money. ey want to partner with you. Treat that relationship with respect, continue to work hard in your business, and you should nd lending success.

INSPIRED BY NATURE… REVEALED BY EARTHWERKS. INTRODUCING OUR EARTHWERKS HARDWOOD COLLECTION. THE NATIONAL ROLLOUT IS UNDERWAY. CHECK WITH YOUR EARTHWERKS DISTRIBUTOR FOR DETAILS.

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A P R O D U C T O F S W I F F - T R A I N

Bree Urech-Boyle is Chief Financial Officer at the National Wood Flooring Association in St. Louis. She can be reached at bree.urech-boyle@nwfa.org.

HARDWOOD

For information regarding our extensive lines of sustainable wood, please call 800-275-7943 or visit us online at www.earthwerks.com

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