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What To Do If Your Business Loan IS Approved
By Rebecca Game
Your loan is approved. Congratulations! It's one of the most exciting phone calls you can receive as a owner. It means that your has received the financing that you've desired for opening your new or expanding your existing business. Obviously, a celebration is in order! However, before popping open that bottle of champagne and proposing a toast, remember a few key rules before signing on the dotted line and picking up your check.

- Thoroughly review all loan documents, and understand what they mean before you sign and accept the loan when your loan is approved.

If you don't understand something on the loan documents when your loan is approved, ask the lender to explain. If you feel that the explanation was not clear, ask for further explanation, or ask that you receive a copy of the paperwork to take with you so that you can review, read, and research. Consult your attorney or accountant if you have questions.

- Return all required documents to the lender on time when your loan is approved.

When your loan is approved, there will be a number of documents and required paperwork that the lender will need before you can close on the loan. Your proposal and ideas were obviously impressive enough to the lender for them to them to tell you that your loan is approved. Keep up that good impression that the lender has of you by promptly responding to requests for additional documents, information, and credit references. Once your loan is approved and your money is in your account, you're your time and review your business' situation with care.

- Turn to your plan.

Review the goals and objectives of your business, and review the information that you gave to the lender. The lender was impressed enough to offer you the money for your - impressed enough that your loan was approved. Refresh your memory regarding your business. Read your plan weekly to keep these ideas

continuously in your mind so that you can stay focused. Remind yourself daily why your loan is approved.

- Turn to your loan proposal.

Yes, turn to your loan proposal. It seems odd to consider the loan proposal now that your loan is approved, and now that the money is in hand. However, recall the reasons why you wrote the loan proposal and why you applied for the loan. The loan proposal served the purpose of demonstrating to the lender that you are a trustworthy, business-minded, energetic, responsible individual with a great idea for your business. The proposal also stated the items that would be purchased with the money. Review the ideas behind obtaining the loan. Keep your self-esteem levels high, and work only to succeed. Purchase only the items listed in the loan proposal, and use the money for nothing else when your loan is approved. To find success, stick to your initial goals for the loan, and maintain financial control of the money. Remember, you have not won the lottery. This money needs to be repaid in a timely manner.

Additionally, lender communications are very important, and much appreciated by the lender, when your loan is approved.

- Maintain close contact with the loan officer when your loan is approved.

Before you close on the loan, keep in touch with the loan officer to let that person know of your progress in gathering your final information needed to close. After closing, check in periodically with the loan officer to fill him or her in on how things are going with your business. When your loan is approved, the lender has a vested interest in both your personal and success, and will appreciate your efforts in keeping communications open by offering current information about your business. Keeping the line of communication open will allow you to possibly take advantage of the lender's other services, which may be needed by your down the road.

- Communicate any problems to the lender immediately.

Lenders don't like surprises, particularly if it involves bad news. Be honest, and if you've run into a snag, inform the lender before anyone else. If you prosper, the bank will prosper. If you fail, the bank fails. By being open and honest if something doesn't work out after your loan is approved, the lender may be able to offer solutions or assistance to help you resolve your problems and get back on track. Hiding the problems, or worse yet, ignoring the problems or becoming elusive will only make the lender leery of you and your business, and may jeopardize your credit scores, or worse, your reputation as a owner.
Rebecca Game is the founder of Digital Women ®, an online community for women in business. A 30 year entrepreneur and dedicated to helping other women find business loans. Visit her site: Loans for Women loans.digital-women.com