While getting a business loan from a bank can be painful (with reams of red tape to wade through), it’s not impossible.
Here’s what banks are looking for.
- Motivation: Why are you in business, and what is your vision for the future? You should be able to explain this in a few short sentences.
- Capability: What skills do you and your staff have? What technology and equipment do you use, and are there any gaps?
- Financial position and forecasts: Are you in good financial health? What’s the state of your balance sheet? You will need to answer these questions and provide forward-looking statements.
- Personal spending: The bank will want to know information about your personal spending. Are you a risky splurger, or someone who runs a tight ship at home?
Disclaimer: This blog has been carefully prepared, but it has been written in general terms only. The blog should not be relied upon to provide specific information without also obtaining appropriate professional advice after detailed examination of your particular situation.
