Being Savvy About Finances - March 27, 2010 - Segment Two

Caller Brett Mansfield, Senior VP of Small Business Outreach at Union Bank, discusses three of the most important factors behind small business owners getting a loan. In Brent’s view, those three factors are having your financial information up-to-date and accurate (how the business has performed thus far and will continue to perform in the future); having a thoroughly defined plan outlining what the capital you’re seeking would be used for, including specific outcomes; and outlining what precisely management has done to make sure the business is still sustainable, or what additional steps they will be taking. Brent also talks about two important elements that separate Union Bank from its competitors - always challenging employees not to go into a meeting or appointment with an idea of what they should be talking to someone about; and the fact that Union Bank is large enough to have the capabilities of the largest banks, but still have the size to take the “every client matters to us approach.”

2Minutes&More with Betsy Berkhemer and Renee Fraser airs every Sunday at 1pm on KFWB NEWS TALK 980. Tune in for a full hour of tips for business success.