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
Rural Health Research Center ProgramThe Health Resources and Services Administration has recently established the Rural Health Research Center (RHRC) Cooperative Agreement Program in an attempt to substantially improve the amount of high-quality, impartial, policy-relevant research studies.
Department of Housing and Urban Development: Continuum of Care Homeless Assistance ProgramsThe CoC Homeless Assistance programs is designed to reduce the incidence of homelessness in established CoC communities, thereby the need to assist homeless individuals and families during the process of quickly transitioning to self-sufficiency and permanent housing.
Student Loans Available Directly from the Federal GovernmentThere are different variations of a Federal Direct Student Loan available; these are dependent on whether or not the student is eligible for government assistance. Need based programs include the Stafford Loan and the Direct Subsidized Loan; while non-need based programs are the Direct PLUS program, and the Direct Unsubsidized Loan.
What Are Opportunity ZonesOpportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States.
Higher Education Challenge Grants ProgramThe National Institute of Food and Agriculture has recently constituted the Higher Education Challenge Grants Program in an attempt to boost and enhance the quality of formal, postsecondary-level agricultural sciences education.
Cancer Education Grants ProgramThe Cancer Education Grants Program has been existent since the year 1994 and has long been providing support to innovative cancer education grants program that aim to translate the knowledge obtain from the research studies into actual public health applications.
Replication Research on Sexual Violence Case Attrition ProgramThe Office of Justice Programs has recently announced the establishment of the Replication Research on Sexual Violence Case Attrition Program in an attempt to fund one research grant that could replicate the National Institute of Justice's Police Decision-Making in Sexual Assault Cases: An Analysis of Crimes Reported to the Los Angeles Police Department.