What business lenders are looking for now

Just as businesses need credit the most, banks are becoming more conservative in their loan approvals.

Financing is still available for qualified borrowers, however, and interest rates are holding fairly steady. Documentation of past performance and articulation of future plans are the names of the game for getting approved in this environment.

“It’s not dissimilar to what is going on in the mortgage world,” explained David Miller, a financial consultant with the Shaw Miller Money Group of Boulder. “Every detail in the loan package has to be verified.”

Miller helps clients compile the documentation for loan applications and points them toward the institutions…