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+---- Thread: Tips for getting small business loan. (/showthread.php?tid=5270)
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Tips for getting small business loan. - MICHAEL55 - 03-14-2010
• Explain a reasonable cause for loan.
• The amount of loan required, and the repayment term of the small business loan you want.
• Describe of how you will repay the amount you lent.
• Details of security you will be able to offer to the lender
• Include your business plan with the application that describes management skill, market information.
• Include last few years financial statement.
• Include current account status
• Your existing debtors and creditors
____________________________
pay day loan
RE: Tips for getting small business loan. - majordave - 04-05-2010
(03-14-2010, 03:30 AM)MICHAEL55 Wrote: • Explain a reasonable cause for loan.
• The amount of loan required, and the repayment term of the small business loan you want.
• Describe of how you will repay the amount you lent.
• Details of security you will be able to offer to the lender
• Include your business plan with the application that describes management skill, market information.
• Include last few years financial statement.
• Include current account status
• Your existing debtors and creditors
____________________________
pay day loan
All of that is standard information which should already have been included in your business plan, along with the financial projections anticipated.
There are many types of business plans, but before you apply for a loan, you'd better make sure you know which type is acceptable and expected for the institution at which you are applying.
If you don't really know how to write one, or don't really know how to crunch the numbers, you might be better off enlisting the services of a professional to prepare your business plan for you.
RE: Tips for getting small business loan. - S1cKL3R - 04-05-2010
(04-05-2010, 11:53 PM)majordave Wrote: All of that is standard information which should already have been included in your business plan, along with the financial projections anticipated.
There are many types of business plans, but before you apply for a loan, you'd better make sure you know which type is acceptable and expected for the institution at which you are applying.
If you don't really know how to write one, or don't really know how to crunch the numbers, you might be better off enlisting the services of a professional to prepare your business plan for you.
Well written. Majordave for the win again.
RE: Tips for getting small business loan. - Metal Tiger - 04-06-2010
Isn't all this basic info ?
RE: Tips for getting small business loan. - Shadaw - 04-06-2010
Seems basic, but it's the basic, small things that people tend to forget...
RE: Tips for getting small business loan. - php - 04-06-2010
Does that website actually give you a loan? And what by, check?
RE: Tips for getting small business loan. - Awesome - 04-06-2010
(04-05-2010, 11:53 PM)majordave Wrote: All of that is standard information which should already have been included in your business plan, along with the financial projections anticipated.
There are many types of business plans, but before you apply for a loan, you'd better make sure you know which type is acceptable and expected for the institution at which you are applying.
If you don't really know how to write one, or don't really know how to crunch the numbers, you might be better off enlisting the services of a professional to prepare your business plan for you.
I agree with majordave to fully.
All these tips as basic things you should include.
RE: Tips for getting small business loan. - Nima304 - 04-06-2010
Never depend on loans if you can help it. When you're stuck paying them back, you'll regret it.
RE: Tips for getting small business loan. - majordave - 04-07-2010
(04-06-2010, 03:35 AM)Metal Tiger Wrote: Isn't all this basic info ?
To me it is, but that's because I'm an accountant and it's the type of work I do.
But unless the business you're planning on starting is providing some form of financial services, most people don't know much more about business plans than I know about performing open heart surgery. The difference is though that most people do know the probable failure rate of attempting performing an open heart surgery without the proper training or skills. While far too many hopeful business owners don't know that a poorly written business plan is almost certain to result in a failure to obtain their desired loan, or how much importance a well designed, properly contucted business plan, with realistic financial projections and budgets can have in raising the probabilities of acheiving and running a successful, profitable business.
(04-06-2010, 12:47 PM)Nima304 Wrote: Never depend on loans if you can help it. When you're stuck paying them back, you'll regret it.
I agree, however establishing a solid credit history, can be even more important, as it is almost impossible to acheive a high credit rating without doing so, which also qualifies you for lower interest rates on any future loans you do need and this includes car loans and mortgages. So borrowing money, and making the scheduled payments on a timely basis can ultimately save you money in the long run.
There are some businesses that can be started on a shoe string budget, but it usually takes a good year or longer for most businesses to show a profit. During this time, you'll also need the means to cover your basic living expenses. Far too many businesses fail, not because success wasn't obtainable, but simply for lack of sufficient capital during the initial start-up phase.
RE: Tips for getting small business loan. - JMK940 - 10-14-2010
Just produce a full business plan and you will get your loan easy!