Bank Loans – How to apply
Prepare a business plan, backed by historical data (financial statements and most recent trading information) which clearly demonstrates that your business prospects are solid
Provide detailed explanation on how the money will be used and your plan for paying off the loan
Point out if you are having sufficient assets, financial reserves and personal collateral to endure business fluctuations (and still pay off your loan)
In a start-up situation, provide evidence that key personnel have a track record of profitability and success in a similar business endeavor
Explore alternative funding sources (equity contribution, factoring, leasing, etc.) and pursue these projects as a back-up to the loan application
Plan ahead, arrange for funding early – it is much harder to obtain financing if you urgently need cash!
Last changed2 years ago