Know what you’re working with
Check your credit. Visit annualcreditreport.com or experian.com. Not only is it great to have an idea of where you stand, but you may find issues that need to be addressed. It’s quite possible to find an error on your account that can and should be corrected for accuracy. And if you’ve been penalized for a late payment, you can work with a nonprofit credit counseling or debt management organization to help you even further. It’s important to check both your personal and business credit, as both can impact your ability to get a loan as a small business owner.
Business banking and beyond
Those who are just starting out often assume they need debt to start their business. It’s a misconception and many companies can flourish in the early stages and seek to borrow funds after they’ve started generating cash flow. With consultative bankers, we can find the right solutions for you and put you on track to grow.
You’ll want to have quantifiable data, recurring revenue, and sufficient cash flow before you get into business lending. Wintrust offers business banking products to help you get there. “We’re here to help your business grow every step of the way,” says Oscar Johnson, Head of Business and Community Banking Strategy. “We’ll make it as easy as possible for you with customized solutions.”
The earlier you can establish a trusted banking partner, the better. “We have long-term clients. We’re your financial partners from the get-go,” says Dave Hostman, Group Leader, Business Banking. “Our bankers offer a hands-on approach that’s never one size fits all. Each prospect is different, each client is different, and we’re here every step of the way.”
Streamline your access to funds
When applying for a loan, you want the process to be as smooth and streamlined as possible. We do too. We also want to ensure the loan you’re applying for is your best option. It’s important to get the right funding for your business, and we take the time to make sure you do.
Oftentimes, business customers aren’t prepared to provide detailed financial information, slowing down their access to credit during the application process. Banks aren’t looking to prolong the loan process or play a game of “gotcha” when finding financial solutions. Our bankers will run a needs assessment with you. It’s imperative to present your full picture—what do you plan to use your loan for, and how will your business repay? You’ll also want to ensure all documentation is submitted together at the same time. This prep work can help expedite your approval process.
More options than you might think
There are multiple types of credit options available that could potentially be a fit for you and your business. We offer fully customizable lines of credit, term loans, commercial real estate loans, and a whole team dedicated to Small Business (SBA) loans. And for businesses with smaller loan requests, we also offer Easy Access products with loans and lines of credit up to $250,000.
For businesses big and small, we’re here for our customers. We can handle the very small businesses and the very large companies throughout their varying cycles—we have expertise in so many different areas of business.
It’s different here
“What really sets us apart is the ability to find somebody who can help you. With a lot of our competitors, it’s an 800-number that you’re calling—you’re not talking to the same person,” says Jolie Horen, EVP, Community Banking & CRA Business Banking. “If you’re looking for a loan at Wintrust, you’re assigned a relationship manager who gets to know your business, gets to know you, and works to understand your needs, and that doesn’t happen with a lot of our competition until you’re a much larger business.”
With a strategic plan and the right financial tools, Wintrust helps small businesses thrive. Clients have been pleased to find flexible solutions that vary from the generic financing packages typically found at other institutions.
Your business brings something different to the world. Your bank should, too. Reach out to our team to learn how we can help your business grow.
To hear from Wintrust customers about how the right banking partner makes all the difference, visit wintrust.com/success.
