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A QUICK LOOK AT GETTING A SMALL BUSINESS LOAN
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Many small business owners will tell you that one of the most challenging aspects of getting started or growing their business is securing the necessary capital. While there are a number of ways to get the money needed for your business, one of the most common ways is to obtain a small business loan.
Applying for a business loan is a big step and the process can be a little intimidating, so to eliminate some of the anxiety and confusion, we will take a quick look at the process of getting a small business loan.
Before you begin applying for a loan, the first step that you should take is to make sure you have created a solid business plan that answers these 4 key questions:
Applying for a business loan is a big step and the process can be a little intimidating, so to eliminate some of the anxiety and confusion, we will take a quick look at the process of getting a small business loan.
Before you begin applying for a loan, the first step that you should take is to make sure you have created a solid business plan that answers these 4 key questions:
- What does your business do?
- Who will manage/operate it?
- Who are your customers?
- How do you plan to make money?
After you have developed your business plan, the next step is to apply for a loan through a commercial bank or credit union. Ideally, you want to apply for a loan with a bank that you already have an established relationship with via your own personal banking or a home mortgage.
PUBLISHED: MARCH 19, 2014
Investing in a small business is risky and because of this, so you can expect that your prospective lender will require that you provide a litany of information about both you and your business so that it can make a smart business decision on whether to loan you the money or not.
Here is a list of some of the documents that your lender will ask for:
Business Plan
Bank Statements
Tax Returns
Cash Flow Statements
Statement Of Assets And Liabilities
Sales Forecasts
References
Once received, your lender will review all of the documentation that you provide them to make their decision. It is important to make sure that you provide as much detail as possible as any number of factors could affect their decision.
The biggest factor in whether or not your loan will be approved is you. Lenders want to know that you are both competent and capable to run your business and that you have a vested personal interest in the success of your business.
Here is a list of some of the documents that your lender will ask for:
Business Plan
Bank Statements
Tax Returns
Cash Flow Statements
Statement Of Assets And Liabilities
Sales Forecasts
References
Once received, your lender will review all of the documentation that you provide them to make their decision. It is important to make sure that you provide as much detail as possible as any number of factors could affect their decision.
The biggest factor in whether or not your loan will be approved is you. Lenders want to know that you are both competent and capable to run your business and that you have a vested personal interest in the success of your business.
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Investing in a small business is risky and because of this, so you can expect that your prospective lender will require that you provide a litany of information about both you and your business so that it can make a smart business decision on whether to loan you the money or not. They will weigh heavily, your personal financial stake such as how much you have invested in your business. Which makes sense, because after all if you arent willing to invest in your business, why should they?
When it all boils down to it, lenders want to make sure that if they loan you money, that you will be able to pay them back. So one of the things you want to make sure you address in your application is your plan for repaying your loan, and any assets, collateral, and/or guarantors that can be used to ensure they will not be out completely should you default.
When it all boils down to it, lenders want to make sure that if they loan you money, that you will be able to pay them back. So one of the things you want to make sure you address in your application is your plan for repaying your loan, and any assets, collateral, and/or guarantors that can be used to ensure they will not be out completely should you default.
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