My bank loan for the construction project was approved last Thursday. That is a huge load off my mind. The money is not in my pocket yet; the bank still needs to do the appraisal, review the construction plans in detail and do an environmental impact study.

I will let you in a few key things that made the loan process go smoother than expected. It occurred to me years ago that someday I might want to expand, purchase land or invest. To do this I would need money, lots of it. What I felt was important was to have a business that showed a profit, had growth and was involved in the community.

Each year, for the last ten years I worked to insure that the business showed growth and made a profit. Another thing you need to do is to establish yourself in the community. Get active with the local chamber and other local organizations or church. Sponsor athletic teams and school activities. Get to know the people at the bank, including the loan officer and bank officials. If your bank is local and employ local people find out what functions these people are involved with and get involved. Reputation is also vital and equally important is to have a clean facility.

Perhaps the most impressive thing I did was to create and extensive business plan showing past history, financial charts, employee team and our plans for the future. We outlined the area demographics and showed the potential for growth in our area. We carefully detailed the new business model and illustrated the potential growth we would have once the expansion was complete. There are many great books and computer programs that can help you with creating a professional looking business plan.

Another thing a bank loves to see is a great credit rating and equity. Since I own the land, the bank looks more favorable on the project. Investing in your own property has advantages, especially if you can show sustained growth through the years.

Stay tuned!