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A new business venture can be a very scary prospect, especially if you already have debt or bad credit problems, ccj`s, arrears or other adverse credit. At B&F our aim is to help provide you need to get you started. Maybe you already have a company and are looking to expand. This could be buying new equipment such as computers or desks, new materials or even refurbishment to existing work premises. Traditionally, banks are more conservative with their investment dollars. First and foremost, prior to approaching a bank, you should have all your key documents in order, starting with a solid business plan. You will also need to have the most recent financial statements available, projections for the business (this is typically in the business plan), and a repayment plan, plus collateral. Collateral may include:
- Hard goods such as equipment;
- Real estate;
- Stocks or bonds;
- Other personal assets;
- Personal guarantees.
To maximize your chances of receiving approval on a business loan from a bank, it`s wise to look at the situation from the standpoint of the lender. A lender wants to know:
- Exactly how this business will operate and why it`s expected to make money;
- Exactly how the money will be used;
- How you plan to repay the loan and over what time frame;
- That you`re willing to take a significant financial risk in the business;
- That you`re responsible and can manage this business;
- Who else is involved in management or operations, and that they will also be responsible for the proper use of the money from the loan.
For more information you could call us and arrange a meeting with our business team.
