From reading others experiences in working with banks, more failures than successes, I'd like to chime in with information you may not have thought about but would accelerate the approval process.
First, you will be high risk. Simply put you have to impress a vice-president that decides if your business is too risky to even allow you to make deposits. How does one achieve that?
I can only speak of my experience and that includes multiple failures until I combined my experiences with banking and owning a restaurant did I come to the realization that I have to up my game and customize my presentation for the audience. That audience has one goal and that's to pick and choose who to gamble on who is a good risk, not sure what % get rejected but it wouldn't be high risk if a majority are accepted.
I don't believe my experience of being approved at two banks in the last 4 weeks is very normal and tbh I was more surprised than anyone.
Here's all the information I provided in my application.
Personal Net Worth
Business Formation Documents and the decision process on why.
Business Plan-This shows you are serious and committed. You should have real facts & figures, market research, contingency plans (this industry can change direction quickly, will that shut you down or can you pivot?)
Standard Operating Procedures - Identify parts of the operation that would be considered higher risk from an outside perspective and create a step by step guide that anyone can understand.
In my scenario the biggest risk of the operation, at least my best guess, is quality control. I have to go above and beyond most peoples expectations, it's one thing that can set me apart from the competition.
All together I have 7 SOP's. All are simple pictures of the steps involved with explanations of why or citations of laws. Or checklists that we keep on file.
Now all this is fine and dandy but you will have a tougher time if this is to be your main source of income. I know that the business being an investment and not required for income personally helped greatly. That you'll have to figure out on your own.
Hopefully this gets you a meeting with the VP. Here's where you have an opportunity to impress the decision maker. I recommend that you calm down and talk with them like a real person. They have questions, be ecstatic to get them the answer....the quicker the better. Prove you will be a partner and not detrimental.
Well I hope that helps someone. Feel free to ask questions. There are specifics I cannot legally disclose but I can certainly help...hopefully.
Everyone have a great day!!