When it comes to pitching your (or your client’s) business to a lender there are a few things that we at Lumi would love to hear about.
At Lumi, we are passionate about empowering small businesses to achieve their vision.
So firstly, inspire us about your business. What do you want to achieve and how could a business loan help you get there?
An effective formula to prepare a short and appealing elevator pitch for your lender should include the following: Opportunity – Solution – Commitment
Here’s an example of a great elevator pitch.
My construction company just got approval to build a new boutique apartment block in Western Sydney, worth $10M. In order to get started on this project within 12 months, we need to staff up and buy materials.
With the help of a $150K loan from Lumi, we can put subbies on next week and get started on the job, easing the stress before progress payments kick in.
Our monthly cash flow from concurrent projects indicates we can repay the loan within 12 months. We have no other current short term lending, just some asset finance. Our monthly turnover is $120K and we’ll consider offering security over our investment property as collateral.
Once, we get inspired by your business idea, we will of course have to review some bank data and financials. However, we really pride ourselves in being creative when it comes to assessing applications by always looking at the bigger picture rather than the different requirements in isolation.
For instance, if a loan application is strong in turnover and credit score, but doesn’t meet the minimum time in operation requirement, or some similar variation, we will still seek to approve it. Each business is unique and we always decide a business loan application outcome on a case by case basis.
We hope that these tips make you feel confident to pitch your business to us and if you want to find out a bit more about our application process, please click here. For all of our existing partners, you can refer clients via our broker portal.
We can’t wait to hear from you.
Your Lumi team