To help our business clients grow and reach their financial needs, Capital City Bank offers a variety of business loans. From commercial and professional loans to small business lending, we provide products to meet the needs of the clients’ businesses.
Business loans can only be used for business purposes. The reasons to apply for a business loan may include, but are not limited to:
- Making up a shortfall in operating capital
- Expanding an existing business
- Developing a new idea within an existing business
- Creating an entirely new business
Here are some examples of business loans Capital City Bank offers:
- Business vehicle loan
- Business inventory loan
- Business unsecured loan
- Business equipment loan
- Business line of credit
- Business letter of credit
When you discuss business loans, do the following:
Discuss Features and Benefits
In order to feel comfortable selling products or services or even referring individuals to CCB, it helps to know what the product or service is (feature) and how it helps individuals (benefits). Below are the features and benefits of our business loans.
Features
- One stop shop: One knowledgeable and experienced banker will be the contact for both your business and personal financial needs
- Various loan types
- Competitive pricing
- An experienced banker can help you determine the right term and set up a repayment plan
Benefits
- Save time on shopping for financial products
- Get the product that best fits your situation and helps your business grow
- Save money on the interest
- Do not need to worry that you cannot afford the repayment
Identify Opportunities
Always be on the lookout for clients who may benefit from a business loan. Below are examples of prospective clients.
- Business clients who want to purchase new equipment
- Business clients who want to purchase a new vehicle
- Business clients who want to expand their business
- Business clients who want to enlarge their inventory
Discover Client Needs
Before you recommend a product or service to a client, prospect, or friend, it only makes sense to recommend things they might actually need or like. This is why it's important to ask questions that help us gain insight about an individual's banking preferences.
Sales Associates
To identify the best loan product for each prospect based on his or her needs, ask some discovery questions. Some examples include:
- What is your next borrowing need?
- Do you have any plans for expansion?
- How has the economy affected you and your business?
- Do you have any plans to purchase fixed assets in the future?
Non-sales Associates (Take it to 10)
If you do not feel comfortable discussing business loans, but are working towards your Take it to 10 goals, do not focus on a specific product. Instead, ask if the prospect is interested in the services provided at CCB. To do this you might say:
I work at Capital City Bank and we offer various business loans that address business needs. Would you be interested in learning more about them with an associate of mine?
Recommend Products/Services
When you have identified a need or learned about a prospect's banking preferences, you are ready to make recommendations that align with his or her goals.
Sales Associates
Below are examples of what you might say when recommending a specific checking account after having used the qualifying questions.
Mrs. Simpson, I think our business line of credit is the right product for you. It allows you to borrow enough money to restore your inventory frequently. You can also use it for other business purposes, such as adding more storage space. This way you don’t need to worry about being short of cash.
Non-sales Associates (Take It to 10)
If you are simply trying to make a referral to CCB, then you are recommending the bank, and even a specific banker. Below is an example of how you make this recommendation.
I recommend Capital City Bank, not only because I work there, but also because it is a great place to bank. We are a strong, stable, community bank with a variety of personal and business products and services. I would be happy to connect you with a friendly banker who would be willing to help find the right product for you.
Handle Objections
It is highly likely that once you make a product or service recommendation, you will receive objections. Before responding, keep the following points in mind:
- Make sure you understand the question or objection
- Be empathetic
- Address the question or objection even if you can't change the product or service
- Check with the prospect to make sure he or she accepts your response or explanation
To respond to objections, use Feel, Felt, Found to structure your responses. Below are examples of business loan objections and suggested ways of responding.Sales Associates
Client Objection: "I'm not sure if I want to use my house as collateral."
Feel: I understand that you may be concerned about losing the collateral.
Felt: Many of my clients felt the same way.
Found: Clients are often initially concerned about losing their collateral when they apply for loans. Actually, most of them have found that the only chance they will lose the collateral is if they could not pay the loan. In your case, considering the amount of money you are borrowing and the term, you only need to pay around $200 each month. Is that something you think you can handle?
Non-sales Associates
Client Objection: "I have to talk to my husband. "
Feel: I understand that you need to speak with your husband.
Felt: Most people like to check out a few places or get input from their spouses.
Found: Most people I talk to have found that Capital City Bank has all the bells and whistles of the big banks with a small community feel. You can always speak to one of our bankers who can tell you more about our business loans with no strings attached. Would you like to give it a try?
Ask for the Business
If you did not receive an objection or have already come to an acceptable resolution with the client or prospect, you are ready to ask for the business. Asking for the business is how we move the sale forward. Below are some examples of what you might say to ask for the business.
Sales Associates
- May I start your loan application?
- Would you like to start the application now?
- Do you want to apply today?
Non-sales Associates
In the case of an associate who is making a referral for Take it to 10, you are trying to get the prospect to agree to meet with a banker about a need. Below are some examples of what you might say to do that.
- I would be happy to connect you with a banker who can help you. What is your name and number?
- Can I get your contact information so that I can have my friend, ____________, call you?
- Can I get your name and number so I can have a banker call you to help find the right credit product for you?
Make a Referral
If you are a sales associate or non-sales associate who cannot process a business loan application, but have identified someone who is interested in a business loan, remember to refer him or her to an associate who can help.
Making referrals at Capital City Bank is as easy as A B C! Below is an example of the ABC method to making referrals.
Acknowledge or Ask questions about a need.What do you typically look for in a financial institution?Bridge with a transition statement highlighting how Capital City Bank can meet that need.I work at Capital City Bank and we have great products to help you with your financial needs.Connect to a Capital City Banker that can help.Our business/community bankers, commercial lenders, and presidents can help you find the best financial solution for your situation. Would you like for me to have one of them contact you at a time that works for you?Process the Sale
Sales are processed in generally one of two ways:
- The associate who can sell the product follows established policies and procedures to close the sale.
- An associate connects the person to a qualified lending associate using a Synapsys referral for the application to be completed by the qualified associate.
