How to apply for a business loan

Need a business loan to take your business to the next level, but daunted by the loan process? You’re not alone. There’s a lot of paperwork and number-crunching involved.Business Loan for Small Business

Before you get started, remember that banks wants your application to succeed as the interest you pay is a vital revenue stream. So it’s up to you to make their job easy by turning up with a good business case.

Connect the dots for them. While banks are experts in money, they’re not necessarily knowledgeable about your area of business. Remember to present a clear story and demonstrate clearly how the loan will unlock business growth which will ultimately ensure the bank gets paid back.

When applying for a business loan, ensure you have:

  • income statements and balance sheets for the past two years
  • up-to-date financial statements
  • business plans or project plans to show the direction your business is taking
  • tax returns to verify your income statements
  • bank accounts, also for verification

If you use cloud based accounting software, you’re in luck as the better platforms will produce much of information on demand, including:

  • income and expense reports
  • growth trends
  • forecasts

Talk to us to get advice when applying for a business loan

If you’d like advice applying for a business loan let us know, we can help guide you on the right path and put you in a better business position.

Leave a Reply

Your email address will not be published. Required fields are marked *