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

 by: Neil Best

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.
  (continued...)

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

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

Additional Resources

category - Small Business Grants

National Endowment for the Humanities: National Digital Newspaper Program
The goal of the National Digital Newspaper Program is to crate a national digital resource of historically significant newspapers published between the years 1836 and 1922, from all of the States and its territories.

---

Common Bean Productivity Research for Global Food Security Competitive Grants Program
In keeping with this mission, the National Institute of Food and Agriculture has recently established the Common Bean Productivity Research for Global Food Security Competitive Grants Program in an attempt to develop approaches and methods that can efficiently address the various challenges facing common bean (Phaseolus vulgaris) production among small holder producers in food insecure countries.

---

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.

---

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.

---