9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan
Page 26. 3 Years financial statements. You will need to present quality financial information from your accounting software, preferably signed off by your accountant or tax advisor.
This short video describes the most popular Small Business Administration loan program, the 7(a) loan. |
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7. Latest Set of Management accounts. Again produced from your accounting software.
8. Accounts receivables (debtors) and payables (creditors) ageing reports.
9. Principals financial statements. – Particularly required if some form of security is necessary.
If you are a new company, the emphasis is going to be on your business plan , and the security (also called collateral) you or your business can provide against the loan.
You must take the time to practice presenting your case to the bank or lender to iron out any glitches. Practice on your colleagues and family (you never know, they might be so impressed, they'll invest or lend!). It may help to role play the lender and come up with as many pointy questions as possible. The more time you take the better your chances will be. (But remember, don’t fall into the analysis paralysis trap!)
Good luck!
9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan
Back to Page 1Additional Government Grants Resources
Small Business Grants - Support for VeteransThe SBA is dedicated to lend a hand to the service people in America and directly links with the Patriot Express Loan for veterans who desire to initiate their own business and want to start commercial activities. The SBA also plays a role in encouraging growth and job creation during the process, which is an indispensable part to support economic prosperity.
Small Business Administration's Portable Assistance ProgramThe Small Business Administration has established the Portable Assistance Program wherein they seek to provide grants to Small Business Development Lead Centers that provide services to small businesses in an effort to increase the success of small business establishments and their viability in certain communities where economic hardship is apparent and is attributable to the impact of a major disaster.
Predictive Lung Deposition Models for Safety and Efficacy of Orally Inhaled Drug Products Program.The USFA has recently formed a collaboration with the National Institutes of Health to establish the Predictive Lung Deposition Models for Safety and Efficacy of Orally Inhaled Drug Products Program.
Government Grants Within The United States Health SectorThe health care system in the US is as diverse as it is all-encompassing. A huge number of health care facilities are now owned by private sectors while a huge chunk of health insurance plans are primarily provided by the government in the public sector.
First Time Homebuyer Programs in IdahoThe Idaho Housing and Finance Association, otherwise referred t as IDFA, is Idaho's uniquely created and organized financial institution and administrator of affordable housing resources.
Federal and State Technology Partnership ProgramThe Federal and State Technology Partnership Program works around the objective of being able to boost and strengthen the technological competitiveness of small business establishments in the United States of America.
Ohio Heroes Program for First Time Home Buyers in the State of OhioOne of the most popular programs of the Ohio Housing Finance Agency is the Ohio Heroes Program which is exclusively intended for active military men, active reservists, veterans, firefighters, emergency medical technicians, paramedics, and several other individuals with noble professions.