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Preparing to approach lenders for funding can be difficult for small business owners. In this clip from our latest episode of Financial Freestyle with Ross Mac, JPMorgan Chase vice president and senior business consultant Joy Butts shares her advice for small businesses trying to access capital.

Her first advice is to know how much money you need, what it will be used for, and how to get a return on interest. "If you have a solid plan as to what it is that you're going to do, and you can articulate that within a business plan, or with that banker that you have a relationship with, that is key."

Secondly, she stresses the importance of relationships and having a banker who knows you and your business, understands where you're trying to go, and can advocate for you.

Her final piece of advice is to make sure you have "your financial ducks in a row," adding that many businesses got turned away from PPP loans in 2020 because they didn't have their financial information in order.

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This post was written by Meredith Lawrence.