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

The Secret to Acquiring Business Grants
Business grants could be one of the most important financial tools that nearly all businesses would need. They may not be the single most significant support businesses could have, but they can get definitely help you start the business right....

---

Small Business Innovation Research Phase IIB Bridge Awards
In line with this mission, the NIH has recently constituted the Small Business Innovation Research Phase IIB Bridge Awards to Accelerate the Development of Cancer Therapeutics, Imaging Technologies, Interventional Devices, Diagnostics, and Prognostics Toward Commercialization Program.

---

Small Business Administration's Loan Guarantees Program
The Small Business Administration has established the Loan Guarantees Program wherein they aim to be able to provide guaranteed loans to small business establishments which are not capable of acquiring financing from a private credit marketplace but greatly manifests the ability to repay funds in a timely manner.

---

Department of Agriculture: Value Added Producer Grants
The Value-Added Producer Grants program is geared towards helping the Independent Producers of Agricultural Commodities, Agriculture Producer Groups, Farmer and Rancher Cooperatives, and Majority-Controlled Producer-Based Business Ventures in developing techniques that would create marketing opportunities and establish business plans involving viable marketing opportunities that involve the production of bio-based products from agricultural commodities.

---