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. |
|
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
2012 Public Works and Economic Adjustment Assistance Programs OpportunityThe Economic Development Administration has recently established the Public Works and Economic Adjustment Assistance Program in an effort to solicit applications from urban and rural communities to create initiatives that could potentially advance new ideas and innovative strategies in an effort to address constantly changing economic conditions.
Child Health Research Career Development Award ProgramIn accordance with this mission, the National Institute of Health has collaborated with the Eunice Kennedy Shriver National Institute of Child Health and Human Development (NICHD) in an attempt to establish the Child Health Research Career Development Award Program.
Nutrition Obesity Research Centers Grant ProgramIn an attempt to support this mission, the National Institutes of Health has formed a partnership with the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK) to establish the Nutrition Obesity Research Centers Grant Program wherein both agencies intend to solicit grant applications that wish to establish core centers which will be an essential part of an integrated program of nutrition and obesity research.
Katrina Cash Crisis ContinuesThe need to continue giving aid to the victims of Hurricane Katrina must remain a priority ... It's now months after the American Gulf Coast was devastated. Billions have been spent in relief, but bi...
Capacity Building Assistance to Improve Health in Tribal Populations ProgramIn keeping with all its existing programs and objectives, the Centers for Disease Control and Prevention has recently established a funding opportunity to promote the Capacity Building Assistance to Improve Health in Tribal Populations Program.
First Time Homebuyer Programs in Montana The Montana Board of Housing, otherwise referred to as BOH, was primarily established to to provide decent, safe, sanitary and affordable housing for lower income individuals and families in the State of Montana.
Effect of Physicochemical Properties of Ophthalmic Formulations on Ocular Bioavailability ProgramIn this capacity, the Food and Drug Administration has recently established the Effect of Physicochemical Properties of Ophthalmic Formulations on Ocular Bioavailability Program in an attempt to study the effects of various physicochemical properties of ophthalmic suspensions and emulsions on ocular bioavailability.