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Posts Tagged ‘banks

There is a lot you need to know before applying for a small business loan, but even still, it’s amazing how many people and websites out there will try to charge you an arm and a leg for the information.  There’s nothing wrong with seeking advice, or even hiring a consultant, but before you go and pay a website for the “20 things you need to know before applying for a small business loan”  here’s 5 that will get you started, and the rest can be figured out with a little googling.

  1. Business Plan
    This is probably the most important thing you’ll need; a properly constructed business plan will explain the goal of your business, your monetization strategy and a slough of other details related to your business.  There’s plenty of information available on how to best construct your business plan, so start researching (of if you like, hire someone to write it for you).
  2. Personal Credit Report
    Your credit will play a significant role in your denial or approval from the bank, so getting ahold of your credit report will allow you to make sure there are no surprises lurking on it.  There are three major credit rating agencies, so it’s not a bad idea to obtain a copy from each of the three.

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From angel investors to venture capitalists, these days there are plenty of ways to fund a business, but in the past, the most common and usually the only option was to get a loan from a bank.  This may not seem as exciting as finding an angel investor to put up the money with little to no risk to you, but it definitely has it’s advantages (not the least of which is that the bank will not take a hefty founder\’s share of your company).  So, you’ve decided that a bank loan is the best move for your new small business; but what\’s the best way to go about securing the loan you need?  The best place to start is to get prepared for what banks are looking for when they draft a loan, and here\’s the top 3.

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