Tuesday, November 04, 2003

To the bank...

After reading through CB's UFOC (that's the franchise agreement document), I found a item that mentioned that the interest rate that CB's primary financing partner was charging 9% APR. Because of my discussion with Sally concerning what her loan rate was (7%), I thought this may be a bit steep. So I decided to go to the local North Community Bank to talk to a loan officer to see what kind of rates they were currently charging. To be honest, I got confused at some of the terms that the banker was using although it seemed that 6.25% may be about where the rates would be at.

I have to admit that I had to screw up some courage to go talk to the bank about a loan. I don't know what I was so afraid because obviously, they are the ones who would want my business, assuming I am a good candidate, I shouldn't be afraid at all. I guess it is like when I bought my condo years ago, the idea of going out to do something so significant was very daunting. In hindsight, I realized, that the most important thing was to find people you could trust to help you through the process. The whole system is set up so that you could get through the process even as a novice.

In a way, setting up a business is the same thing. There is a process for going to get a bank loan for a small business. You just have to find someone who could guide you along the way.

Mood| Intimidated

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