Understanding The Loan Approval Process (1318c38b-0a45-48db-a80c-b5337cc26803)

We have all heard a great deal about how various projects were financed or certain companies were successful in obtaining a bank loan. There are many more projects and companies who fail to get the money they need. At least a portion of these failures, and a large percentage of the frustrations connected with even the successful financings, are a result of not understanding the process of obtaining money. Recent years have seen a proliferation of sources available to finance minerals operations, but let me assure you that these represent only a minor portion of the minerals financing market. The fundamental source of borrowed money to almost all minerals related companies remains the banks. Therefore, understanding the "Loan Approval Process" can easily mean the difference between getting the money or not. In the following pages I hope to provide some insight into what I define as the loan approval process. Having pre-offered my definition, I intend to delineate the various stages of the process and the planning and information I believe should be contained in each. My ultimate goal is to help you think like a banker and, in so doing, stay on top of the process so that you can successfully obtain the funding necessary for your projects.