Ask M&M: AI provides solid answer to our question

Question: Give me a paragraph geared toward small business owners on how to get a bank loan with steps.

AI answer: Getting a bank loan can be a great way for small business owners to access the capital they need to grow their business. Here are some steps to help you secure a bank loan:

1) Determine your loan needs: Before approaching a bank for a loan, you should have a clear understanding of how much you need to borrow and what you will use the funds for.

2) Check your credit score: Banks will check your credit score before deciding to approve or deny your loan application. Make sure your credit score is strong and if not, take steps to improve it.

3) Prepare a business plan: A strong business plan can help you demonstrate to the bank that you have a clear strategy for using the loan funds and for paying back the loan.

4) Gather financial statements: You will need to provide the bank with financial statements such as your balance sheet, income statement, and cash flow statement.

5) Shop around for the best loan: Different banks offer different interest rates and terms, so it’s important to shop around for the best deal.

6) Apply for the loan: Once you have found the bank you want to work with, complete the loan application and provide all necessary documentation.

7) Follow up and be patient: The loan approval process can take time, so be patient and follow up with the bank as needed.

8) If your application is approved, make sure you fully understand the terms of the loan and are comfortable with them before accepting the funds.

Not bad advice. This above article is exactly how the AI answered. Maybe we should start asking Chat box GPT-4 some more questions?

ASK M&M is prepared and submitted by Mark Schmitt, director of the Small Business Development Center at Cochise College; and Mignonne Hollis, executive director at the Arizona Economic Development Foundation. To ask your questions: Call the Small Business Development Center (SBDC) at Cochise College (520) 515-5478 or email schmittm@cochise.edu or contact the Arizona Regional’ Economic Development Foundation at (520) 458-6948 or email hollism@aredf.org; www.aredf.org.