9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan
Page 2

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!

About The Author Neil Best This article and other useful info such as sample business plans, sourcing and applying for small business grants, and how to find and approach potential investors can be found at http://www.smallbusinessfinancetips.com/small-business-loans.html

9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan
  Back to Page 1

Additional Resources

category - Small Business Grants

Small Business Administration's Small Business Investment Companies
The Small Business Investment Companies Program revolves around the notion of developing privately owned and managed investment companies which will be licenses and regulated by the Small Business Administration, so as to provide equity capital, long term loans, and advisory services to small business requiring such services.

---

How The Government Can Help Your Small Business
The United States Small Business Administration, otherwise known as SBA, is a United States government agency that was established on the 30th day of July, 1953.

---

Community Development Financial Institutions
Community Development Financial Institutions are basically financial institutions who possess the ability to provide credit and financial services to underserved industries and communities.

---

Minority Business Enterprise Centers for Minority-Owned Businesses
The The Minority Business Development Agency has recently constituted the Minority Business Enterprise Centers (MBEC) Program wherein it aims to support minority-owned businesses by providing them with electronic and one-on-one business development services for a reasonably nominal fee.

---