Notice: Undefined index: HTTP_REFERER in /var/www/wp-content/plugins/premium-seo-pack/aa-framework/framework.class.php on line 583 The Factors That Strengthen The Odds Of Obtaining A Small Business Loan
4. Particulars of security you will be able to offer to the lender. This will act as guarantee for the lender. If you’re not prepared to put up some aspect of security, then the chances are low to obtain the sum.
5. Prepared Business Plan. You will need to include your business plan which will help to answer important questions pertaining to Management capabilities, information about the market you operate in. What kind of business you are in and so forth.
6. Financial Statements. In many cases you are required to submit last three years of financial statements. You will need to present quality financial information from your Accounting software, preferably signed off by your accountant or tax advisor.
7. Latest Set of Management accounts. You will need to produce management accounts from your accounting software.
8. Accounts receivables (debtors) and payables (creditors) ageing reports.
9. Principals financial statements – Mostly required if some form of security is obligatory.
If your business is new, you then are required to prepare a business plan, and the security (also called collateral).
Before your take your case to the bank or lender, you must take the time to practice and prepare all the needed information and documentation. The more time you take the better your odds will be.
This information is for Learning purposes only. We are indeed not financial/legal mentors. It should not be considered legal or financial advice. You should consult with a financial/legal advisor or other professional to find out what may be the optimum for your individual needs.