JEREMY PLETNIKOFF headshot
JEREMY PLETNIKOFF
Commercial / Consumer Loan Manager
Mount McKinley Bank
The Associated General Contractors of Alaska logo
Financial Services
& Contractors
JEREMY PLETNIKOFF headshot
JEREMY PLETNIKOFF
Commercial / Consumer Loan Manager
Mount McKinley Bank
The Associated General Contractors of Alaska logo
Financial Services
& Contractors
Preparing to Borrow Money During the Pandemic and Beyond
By Jeremy Pletnikoff
T

his will not be another article about the “new normal” or how things have changed for bankers in these unprecedented times. The focus of this article is to assist you in being a better prepared loan applicant.

If there is anything that should have been more evident as a result of the pandemic it is that having a relationship with a banker (among other professionals) is crucial. Being able to pick up the phone and call a lender when the Paycheck Protection Program, or PPP, was rolling out, or needing to strategize on how to navigate the unknown proved to be crucial for many businesses. Many community bankers who are used to taking jabs about working banker’s hours did the opposite over the previous twelve-plus months. There was a need to step up and assist the business community and many local bankers did just that.

It is likely that many lenders are still inundated with pending and new loan files. If you are preparing to submit a loan application or are thinking about requesting a meeting with a lender, here are some basic tips to use when trying to get a loan approved quickly.

  • Ask for a list of documents you need for a complete loan packet.
  • Organize your documents clearly and orderly.
  • Verify that your banker has everything needed to proceed.
  • Be thorough when filling out the requested documents. You are asking for money. The easier it is for your banker to make a decision, the more likely you are to obtain a favorable one.
  • Have patience.
While these might seem to be basic bullet points, by following them you will be doing yourself and your banker a favor. The last bullet point might be the most important in today’s world. With many industries working from home, the loan process to underwrite a credit request is taking longer than usual.

Local bankers place a premium on building and maintaining relationships. Whether you are starting yours or already have one, it is important to remember that they want to get your loan done as quickly and accurately as possible. In this time of high loan demand as well as economic uncertainty, loan officers must be extra diligent in underwriting requests. The more thorough and organized your application is, the better.

If you haven’t done so already, reach out to your lender. If you think you might have a loan request in the future, see if you can update your file now. It will make a future borrowing opportunity much easier when the time comes.

Jeremy Pletnikoff is the commercial / consumer loan manager at Mount McKinley Bank and has been employed there for about 15 years. MMB is a state-chartered mutual bank located in Interior Alaska. With five branches and a lending team with more than 75 years of lending experience in the Interior, Mt. McKinley Bank is positioned well to assist you and your company with any financial services that you may need.