Article by Roger Schlueter, MBA
The Resume for a Bank Loan really depends on whether you are a Start-up Business and New or whether you are an Existing Business and have been in business for many years.
Start-up Business Resume
The Resume for a Start-up Business should show several attributes to the Bank or Financial Institution. The Resume should show Direct Experience in Operating or Managing the type of business that you are starting. If direct experience in operating or managing that type of business is lacking then you should show any operating and management experiences that you have had in your lifetime.
Direct Experience
Direct Experience Operating or Managing your type of business is just that, Experience you have had operating or managing this type of business. If you are opening a fast food restaurant, hopefully you have worked in a fast food restaurant and rose to the management level. This can be in the franchise you are buying, which is the most desirable or in any fast food restaurant. Any type of work in this field is desirable and if you do not have management experience then you could have been close to Management and Learned from the Management that you worked for.
No Direct Experience
The resume focus if you have No Direct Experience is any experience in any business that could be considered management. This can be at your school, church, or any other organization that you had an impact on operations and management.
Examples – You had belonged to a group in school that had some management direction. You could have been involved with your church in some format or another or with your Chamber of Commerce or Rotary Club. Any organization that you can show Management, Sales, and/or Organizational Experience, is a plus and should be talked up as experience for this opportunity.
Existing Business Resume
The Resume for an Existing Business, that is one that has been in business for two years or more is less important. The Bank or Financial Institution will be looking at your business performance over those years. Always include in your resume any New Training in the operations or management of the business. You may even say that you learned by doing in your business with so called ” On the Job Training”. The longer you have been in business the less you need a resume. The Resume is always a good idea to show the bank that you are qualified to operate and manage this business.
Resume Structure
Don’t worry about the Format or Structure of your Resume. The key things that you want to address are:
1) Experience or Training
2) Dates of Experience or Training
3) Place or City that Experience or Training occurred
4) Subheading under each Item showing what you learned
5) Remember the less information you have, means that you go further back in time but draw the line at High School unless the experience before that is vital to your business
If the Banker wants to make your loan and thinks that your application is “Thin”, and may not be approved, he may try to bolster that application with any type of experience that you have in the business or management of that business. Try to help him as much as you can by getting the Resume information to him. He will usually use this Resume information “as is ” and copy the resume to his Loan Proposal.
One Important Final Point about Resumes included in a Loan Package. This is not an Employment Resume. What this means is that, since this is not an employment resume, It Will Not Be Scrutinized As Much, IF AT ALL. Be Creative, I’m not saying, Blatantly Lie, but be Creative. We have all had life experiences that can qualify as Experience for Operating and Managing a business so don’t hold back!
You can find contact information and additional information at my website at www.schlueterfinancial.com