On the lookout for financial institution mortgage? Listed here are 3 issues banks are on the lookout for from you

3 mins read

Courtesy ConnectOne
Frank Sorrentino, chairman and CEO of ConnectOne.

Banks perceive that some companies have had a troublesome time making a go of it throughout the pandemic. They are going to be prepared to chop enterprise house owners some slack over depressed numbers.

However, ConnectOne Financial institution CEO Frank Sorrentino stated there’s one factor his financial institution is not going to excuse — lack of imaginative and prescient and a lack of awareness of the longer term.

Enterprise house owners, he stated, want to grasp that there might be a brand new method of doing enterprise sooner or later. Beginning now.

“Homeowners who’ve this notion of, ‘Properly, my nice grandfather began this enterprise and we’ve been doing factor this manner for 70 years’ are going to rapidly discover out that’s not going to get you anyplace right this moment.

“After we meet with an organization right this moment, we’re trying to see if it is a firm that we really feel will get it and may transfer ahead within the new financial system.”

How does ConnectOne choose that? Glad you requested.

We requested Sorrentino for 3 issues he appears to be like for. Right here’s what he stated:

  1. Organized imaginative and prescient: “We wish to completely see that you’ve an organized thought-process round what you are promoting. You acknowledge the place you got here from, you acknowledge the place you’re and also you acknowledge the place you’re going. If individuals are available with a shoebox crammed with concepts who aren’t actually organized round how their enterprise was, is and might be — that’s a purple flag for us.”
  2. Digital presence: “We have to see that you’ve a powerful technological skill or functionality. Should you’re operating on an antiquated PC system and your accounting software program dates again to 1994, that’s going to be an actual massive drawback for us.”
  3. Strong workforce: “We actually wish to see that folks have a high-quality employees on board. Individuals who get it. Individuals who see what the longer term goes to appear to be. People who find themselves curious, ask a variety of questions and don’t assume they know all the pieces. A powerful administration group is extremely vital.”

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