9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan
Page 26. 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.
This short video describes the most popular Small Business Administration loan program, the 7(a) loan. |
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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!
9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan
Back to Page 1Additional Government Grants Resources
2012 San Francisco Bay Area Water Quality Improvement Fund Since the year 2008, EPA has been running the San Francisco Bay Water Quality Improvement Fund Program wherein they administer funds through competitive grant programs in order to encourage and promote the protection and restoration of the San Francisco Bay Watersheds.
Learning Disabilities Innovation Hubs ProgramThe National Institutes of Health has partnered with the Eunice Kennedy Shriver National Institute of Child Health and Human Development (NICHD) to establish the Learning Disabilities Innovation Hubs Program where both agencies intend to solicit resource-related research project grant applications that concentrate on the etiology, manifestation, prevention, and remediation of writing, reading, or mathematics learning disabilities.
Section 8 Housing Choice Voucher Homeownership ProgramThe Connecticut Housing Finance Agency has been administering the Section 8 Housing Choice Voucher Homeownership Program wherein they intend to offer home loans at reasonable, below-market rates to Section 8 tenants who wish to purchase a home of their own.
Justice and Mental Health Collaboration Training and Technical Assistance ProgramThe Office of Justice Programs has recently established the Justice and Mental Health Collaboration Training and Technical Assistance Program (JMHCP), wherein it seeks to increase public safety by encouraging collaboration between criminal justice, juvenile justice, and mental health and substance abuse treatment systems.
California Housing Finance AgencyThe California Housing Finance Agency, otherwise known as CalHFA, is an independent, self-supporting agency that was chartered to as the State's affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds; with these bonds being repaid by revenues generated through mortgage loans, instead of taxpayer dollars.
Looking for College Grants?Grants are a type of student aid that is awarded by the government. Grants for college students do not have to be repaid. Grants are based upon financial need, as calculated by the federal aid progr...
Government Grants within the United States Agricultural SectorThe agriculture industry is one of the key players in the sustenance of a stable economy. For this reason, the United States government has pioneered in aiding the growth and expansion of the industry.