December 1, 2010

Cover Story

Best Companies to Work For of 2010

Monday morning—the gloomy start of another long workweek for the vast majorit...Read More

Featured Articles

California Dreamin’

Dressed for Success

Sections

Money Talk
A Graceful Exit

People
Steven Morrison

People
Susan Preator

Focus
Head of the Class

Lessons Learned
Built to Last

Industry Outlook
Southern Utah Regional Report

TechKnowledge
The Value of the Invisible

Living Well
A Space Lift

EntrepreneurEdge
How Can I Help You?

Business Trends
Get in the Game

Article

Get in the Game

Banks are Ready and Willing to Lend to Small Businesses

Spencer Sutherland

December 1, 2010

“The business plan is the number one thing that the lender looks for [when determining] if the project is feasible or not,” says Lori Chillingworth, executive vice president of business banking at Zions Bank. The plan should include all facets of the business, including its purpose, goals, products, niches, competitors, vendors, capital and more.

Chillingworth says the plan should also include detailed financial projections, an area where many applicants fall short. Most business owners include their projected costs and profits, but neglect to include the assumptions used to get to those figures. “Anyone can pull numbers out of the air,” Chillingworth says. “If you don’t include the assumptions, the projections are not as powerful as they should be to the reader.”

It’s also important to remember that the loan application is about more than just facts and figures—it’s about you. “Without you, the company wouldn’t exist,” Chillingworth says. “Sell yourself on what you know and why you can do this.” When working with the lender, it is crucial to emphasize your experience, expertise and skill set. You need to prove to the lender that you’re worth the risk they’re taking on your business.

Where to turn for more information—The Utah Small Business Administration (SBA) is a one-stop shop for business plan resources, including step-by step business plan instructions. Find it online at www.sba.gov.

Page 12
Utah Business Social
UB Events View All
Utah Healthcare Summit and Healthcare Heroes Utah Business Event
Oct 6, 2015
The Utah Healthcare Summit is a gathering of all of the major employers, healthcare professionals...
Sustainable Business Awards Utah Business Event
Nov 19, 2015
Utah Business magazine is pleased to announce the Utah Sustainable Business Awards. This program ...
Sustainable Business Awards 2015 - NOMINATIONS OPEN IN JULY 2015Utah Business Event
Nov 19, 2015
Utah Business magazine is pleased to announce the 2015 Sustainable Business Awards! This program...
Community Events View All
AANA Nurse Anesthesia Annual Congress
Aug 29, 2015
This is the annual meeting of the more than 44,000 nurse anesthetists nationwide. Certified Regis...
LGBT Rights in the Workplace Seminar
Sep 1, 2015
Employers Council, a trusted non-profit employers association, is proud to present LGBT Rights in...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel