Why coachability is important when you apply for a loan or line of credit.
Ask any business lender about “the 5 C’s” and chances are they can name them all. We recently published a full blog post about the five C’s of credit that you can read right here, but just to review, those five factors are Character, Collateral, Cash Flow (also referred to as Capacity), Capital, and Conditions. But when it comes to a business loan, “Coachability” is the sixth C of Credit for entrepreneurs.
Because Pathway Lending is a nonprofit lender, we work with a number of business owners who may need more than just technical assistance in business counseling when they take out loans, in addition to financing.
That is why we go one step further and consider a “6th C of Credit:” COACHABILITY.
As an entrepreneur we realize how much work goes into making your business succeed. Many small business owners are extremely skilled in their trade and have great customer relationships, but lack professional business training to navigate complex financial planning. This is where “coachability” comes into play. We want to work with business owners who know their limits, but who are willing to work hard to overcome obstacles and achieve their highest potential.
Need more insight into what it means to be coachable? Check out this article from the Huffington Post.
The road to financial success may take some unexpected turns, but when you partner with Pathway Lending, a dedicated business adviser will be on your side to help you manage the obstacles that come your way. Our seasoned advisers will walk alongside you to ensure you and your business stay on the path to true financial freedom.
Ready to learn more? Check out our 5 steps to apply for a business loan or sign up for our monthly newsletter to stay in touch.
Mason Worthington, CPA
Advisory Services Specialist