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

To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria. To vastly increase your chances of a successful funding application, you will need to present the following information:

1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each.

2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly).

3. Details of how you will repay the amount borrowed. For example, "From the increase in profits of reduced running costs of the Whizzbang Go4It"

4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you're not prepared to put up some aspect of security, then why should they?

5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market you operate in. What kind of business you are in etc.

6. 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.

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

This article was written by Neil Best, an accountant with over 15 years experience in business finance. The article and other useful business finance information including business finance information Sourcing and applying for business finance information and how to approach potential investors can be found at business finance information

bathroom cleaning service Lincolnshire ..
In The News:

The Omoway Omo X features a modular design, obstacle detection and emergency braking, and can drive itself to charging stations, signaling the future of smart urban mobility.
PillTrek, a tiny wireless smart capsule created by Caltech, provides real-time gut health data by detecting electrolytes, metabolites, glucose, hormones, pH levels and temperature.
Learn to spot fake bank text messages with five warning signs of Chase phishing scams, including suspicious links and urgent deadlines designed to steal your account information.
Robot coyotes built on motorized cars reaching 20 mph are being deployed at military airfields as an innovative solution to wildlife threats to aircraft safety.
Explore Google Drive's strengths and weaknesses as a backup solution, including its encryption security, privacy concerns and comparison to dedicated backup tools.
As environmental challenges grow, underwater habitats gain momentum with DEEP's Vanguard, supporting short missions and Sentinel designed for 28-day stays at depth.
The new Urban Eyes safety vest features dual cameras, reflective panels and a wireless remote to deter harassers and provide peace of mind for outdoor workouts.
The $200 billion data broker industry tracks your personal details across websites, posing privacy risks that can be mitigated through data removal services.
UCC Holding has teamed up with COBOD to create desert-inspired, 3D-printed schools in Qatar, featuring dune-like wavy walls impossible with conventional construction.
Darkling beetles equipped with microchip backpacks can be guided through disaster areas using electrical signals, offering a biological solution for search and rescue.
Scammers use number porting to take control of outdated landlines still connected to financial accounts, bypassing two-factor authentication to steal funds while avoiding detection.
Twitter co-founder Jack Dorsey developed Bitchat, a privacy-focused messaging app that works offline via Bluetooth without requiring email, phone numbers or personal data.
Google is making a push to ensure its AI, Gemini, is tightly integrated with Android systems by granting it access to core apps like WhatsApp, Messages, and Phone.
A new green energy system is set to change how we capture clean power, and it all starts with the ocean. French startup Seaturns has designed technology that taps into the natural motion of the sea.
Cybersecurity researchers are warning that hackers have started exploiting flaws in chatbots to carry out AI phishing attacks.
Google has just made it easier than ever to regain control of your inbox with Gmail's new Manage Subscriptions tool.
Despite the benefits, residential power saver programs come with several potential drawbacks and concerns that have been raised by both customers and experts.
The Blackdot AI tattoo machine is quiet. It's steady. And according to early users, it hurts a lot less.
Attackers have started to exploit the very signals that users assume will keep them safe when it comes to add-ons to improve productivity or entertainment.
Located on Cerro Pachón in Chile, the world's most powerful digital camera is set to transform how we see the universe.
The innovative DQ Tower stands 28 feet tall with 420 square feet of living space, featuring floor-to-ceiling windows and premium amenities in a prefabricated design.
A new mmWave imaging system allows warehouse robots to scan and create 3D models of objects inside sealed containers, potentially revolutionizing shipping processes.
Family fraud endangers seniors when relatives exploit their trust, but removing personal data online and monitoring identity can prevent financial harm to aging parents.
A study analyzing 500,000 customer service interactions shows chatbots struggle with complex issues while human agents excel at matching customer communication styles.
Aigen's Element robot uses solar power and AI to provide farmers with a sustainable alternative to herbicides, working efficiently in cotton and soy fields.

6 Steps to a Successful Medical Spa Expansion

According to the American Society for Aesthetic Plastic Surgery, since... Read More

Getting Grant Funding For Your Nonprofit Organization

Do you need grant funding for your nonprofit organization? If... Read More

Small Businesses with BIG NAMES: Protect Your Trademarks and Reap the Rewards

You're a small business owner with a hot new product... Read More

Gold Medal Delegation

When the recent Games of the XXVIII Olympiad came to... Read More

Preparing to Launch Your Small Business

Small business owners often enter their field with great expectations.... Read More

Leverage The Power of Publicity For Your Small Business

Your business is only as good as the number of... Read More

Taking Stock

Back when I owned an inventory-based business, one of my... Read More

Where To Get Money For a Franchise Idea

How often have you thumbed through a business opportunity magazine,... Read More

FTC Adding to the Franchise Rule

Last summer the FTC put forth a report and then... Read More

Franchise Territories for Mobile Businesses; Why Limitations

In franchising an individual desirous of their own business will... Read More

Small Business Server Business Tips

Top 3 Ways to Maximize Your Small Business Server Consulting... Read More

Does Your Business Need a Toll-Free 800 Number?

Should your business have a toll free number for customers... Read More

Explode Your Consulting Income

Here are just a few ways to increase and diversify... Read More

Multiple Clients Create Your Independent Business

Would you rather have one good client paying you five... Read More

Cash Flow: Why Chaos Equals Poor Cash Flow

Recently one of my customers told me the chaos swirling... Read More

Environmental Boat Washing and Detailing

Some marine biologists feel that the concentration of dead marine... Read More

Drivng Home the Point - An Outsourcing Story in China

A few years ago, I visited Beijing for the first... Read More

A Look at Incorporating a Business in Florida

As you may know, there are many ways to incorporate... Read More

Top 7 Small Business Tax Tips

Here are seven ways for owners of small businesses to... Read More

Cabinet Refacing Business Opportunities

With all the cabinet refacing business opportunities out there, you... Read More

Building Marketing Momentum For Your Small Business

The success of your business depends on your ability to... Read More

Starting An E-Commerce Business: Baby Steps

Starting your own e-commerce business can be quite the adventure.... Read More

Uncover Free Veins Of Gold By Prospecting Online Guru Newsletters (Part 1 of 2)

Incredible as it sounds, you have a goldmine of free... Read More

Home Based Franchise; What About Future Expansion?

As a franchisor I am always asked by new and... Read More

Accepting Checks in Your Business Virtually Risk Free

Most businesses accept checks as form of payment for goods... Read More

recurring housekeeping Des Plaines ..