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Rebounding from Rejection

 

If you get a thumbs-down from a bank for financing, don't just skulk away. As with mostrejections, it presents an opportunity for helpful feedback. Wait a day or two, then phone the banker to ask for a face-to-face meeting. George M.Dawson, a veteran banker and now consultant, in San Antonio, says that if you assure the lender you're not trying to change his or her mind and thatyou respect the bank's decision, the chances for getting a meeting are "a little better than even."

Once there, ask lots of questions. "Your goal is to learn what steps you need to take to make your company creditworthy," says Dawson. "The best way is tolearn all you can about the weakness the bank sees in either your company or the presentation." Be calm and don't be critical, "even if it takes extra patienceand self-control." And ask for advice. If the banker can tell you how to rework your business plan or offer specific suggestions (e.g., lease a machine ratherthan buy it), you'll improve your chances on the next go-round.


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