When you’re ready to start reaching out to commercial lenders, it pays to be prepared to talk about your business.
Typically, you’ll talk to a commercial lender before submitting a full loan application. The lender will want to learn more about you, your business, and your financing needs.
Depending on what they learn, they may invite you to work with them and submit a full application. Or they may let you know why they don’t think you’re ready to apply quite yet.
If you are working with Craft3, whenever possible, we’ll connect you with resources so you can get loan ready or otherwise progress on your business journey.
Talking to a commercial lender is an opportunity to make a positive impression. To help you prepare for this important conversation, the table below lists questions you can expect, tells you what a lender will be listening for, and includes space for your answer and notes.
Common questions lenders ask — with space to prepare your answers before your first conversation.
I talk to a lot of entrepreneurs. I’m listening for their story, their business and what their needs are. I appreciate learning not just about what they’re doing for business, but why and how they made the decision to be an entrepreneur. When conversations don’t go well, often it’s because of unrealistic expectations or lack of guidance.
Lenders want to understand who you are and how your business works before evaluating your financing needs.
Lenders need to understand the purpose of the loan, your ability to repay it, and the risks involved.
Keep in mind that a conversation with a lender is not a job interview or an interrogation. A lender will want to learn the basics of your business and how a loan will help you succeed, but if you don't know how to answer every question that's OK. In that case, a good response can be, "I don't know, let me think about that and get back to you."
Use your cell phone to record yourself answering questions. This will help you gauge how comfortable and fluid you are. You might want to do a few takes before listening to your answer. Listen for parts that are strong as well as areas that might need more practice. How long are your answers? Around a minute can be a good approximate target. Much longer and you may be drifting or repeating yourself. Much shorter and you may not be providing the detail and specificity a lender will be looking for.
Talking to a commercial lender is not just about answering questions — it’s about demonstrating that you are a serious, prepared, and self-aware business owner. Here’s how to put your best foot forward.
Know your numbers — be ready to cite revenue, profit margin, and key expenses from memory, or have them in front of you.
Have a clear, one-sentence answer to “Why do you need this loan?”
Prepare an honest explanation for any credit challenges in your history. Don’t wait to be asked.
Bring a business plan or one-pager — even a draft signals initiative and planning.
Ask questions back — smart questions show that you’re a strategic borrower who’s done their homework.
Remember that lenders are people, too. The goal of the first meeting is to begin a relationship, not close a deal.
Insider tip: Smart lenders aren’t just listening to your answers — they’re assessing how well you know your business and how clearly you can explain your plans. Clarity and confidence signal readiness.
We often meet with entrepreneurs two or three times before they submit a full application. That preparation makes a real difference in how quickly a loan closes — and in our ability to find a structure that works for your business.
The first conversation with a Craft3 lender isn’t an application. It’s a conversation. Come prepared to talk about your business clearly and confidently, and that conversation will open doors.
The more you know about your own business before you walk in the door, the more confident — and credible — you'll appear. These resources can help you sharpen your story and sharpen your numbers.
Helpful resources before your lender conversation:
You've done the hard work of building a business. Now let's make sure that work is visible — and compelling — to the people who can help you take it further.
Get the resources you need to feel confident and prepared as you grow your business and explore financing options. Each download is designed to make complex concepts simpler and help you move forward with clarity.
Complete E-Book! Everything you need to know to apply for a business loan — business plans, financial statements, lender conversations, and documents. Free from Craft3.
If you’re interested in starting or expanding a business, you’ll likely encounter lots of terms and acronyms.
A printable one-pager summarizing the key sections every strong business plan should include.
A quick-reference guide covering the essentials of income statements, balance sheets, and cash flow projections.
A printable worksheet to help you decide if financing is the right move for your business goals.
A practical worksheet featuring common lender questions, insights into what they’re really listening for, and space to organize your key talking points.
A printable guide to help you see your loan application from a lender’s perspective and prepare more strategically.
A checklist of the financial and business documents lenders typically require when applying for a loan.
A reflective worksheet to help you assess your business's current position and plan ahead for success.
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