Your Business Loan

Your Business Loan

Selecting a lender can be as tedious and detailed a process as preparing a business plan or loan proposal. Many business owners and potential business owners are so concerned about being approved on a business loan that they forget the importance in selecting a lender.

If you already have a bank or credit union in which you have maintained a long-term relationship, it's logical to consider that particular financial institution when selecting a lender. Your bank that you currently use for personal and/or business accounts is very familiar with you and your financial history. If that history is positive, it could play in your favor. A large part of the lender's risk is the uncertainty regarding the loan repayment. By selecting a lender in which you already have a relationship, it can greatly reduce the uncertainty about your and your business, putting you in a better position of being approved for a loan. If you have a mortgage with a bank, that same bank is probably a good place to start inquiring about a business loan when you're focused on selecting a lender.

If you have reason not to use a lender in which you have a current or past relationship, consider selecting a lender who *wants* your loan business. Sources for these lenders can be found in the business section of your local newspaper for special financing offers. When selecting a lender in this nature, also consider searching both the yellow pages and the internet. Lenders that are actively looking for small businesses in need of loans often offer a quicker process of obtaining a loan than other lending institutions.

In the instance that you are a bank customer, consider a credit union when selecting a lender. Because credit unions are generally smaller, you may be able to talk directly with higher level decision makers to state your loan proposal. Larger banks tend to have more rigid rules and processes associated with small business loans. Even if the person you talk to regarding your business loan believes in you, he or she may not be able to help you other than to take your information and present it to the decision makers in writing.

Supreme Court May Hear 'Cat's Paw' Case



Employment lawyers are hoping the U.S. Supreme Court will resolve a conflict in the federal circuits over the so-called cat's paw theory, which says that an employer is liable for discrimination when a final decision-maker is influenced by a lower-level employee with discriminatory motives to take an adverse action against another worker. The Court earlier this month asked the solicitor general for the government's views on a case that raises the theory, and is now considering whether to hear the case.

Feds Drop Money-Laundering Case Against Miami Attorney


When federal prosecutors dropped all charges Wednesday in its money-laundering case against prominent Miami attorney Ben Kuehne and two co-defendants, the Justice Department left in its tracks a string of courtroom failures. Kuehne said his case leaves a legacy that will protect his colleagues. "There is no doubt my case is the most telling reaffirmation of the vital importance of the Sixth Amendment's right to counsel and should stand as a clear monument of the role of criminal defense lawyers," he said.

Small Firm Takes Big Bankruptcy Fight to High Court


For a number of lawyers across the country, a 2005 federal law requiring them to advertise as a debt relief agency -- regardless of whether they offer sporadic or regular bankruptcy advice to clients -- irritates like a pair of ill-fitting shoes. Milavetz, Gallop & Milavetz, a 10-lawyer Minnesota firm, has waged a four-year battle against the law's provisions, which they argue pose ethical conflicts and strike at the heart of First Amendment values. That odyssey culminates at the U.S. Supreme Court on Tuesday.

SHARE HOLDERS QUERELS WITH COMPANY BOSSES

An uptick in mergers and acquisitions has led to more litigation seeking to stop the deals. Two Davis Polk lawyers offer their observations on this year's litigation.

LAWYERS TO HELP C E O.

Troubled Startup's CEO 'Relied on' Lawyers

Canopy Financial has been accused of massive fraud, but its former CEO says he simply relied on legal advice. Wilson Sonsini provided outside lawyers and the company's GC.