While getting a business loan from a bank can be painful (with reams of red tape to wade through), it’s not impossible. Here’s what banks are looking for.
Motivation: Why are you in business, and what is your vision for the future? You should be able to explain this in a few short sentences.
Capability: What skills do you and your staff have? What technology and equipment do you use, and are there any gaps?
Financial position and forecasts: Are you in good financial health? What’s the state of your balance sheet? You will need to answer these questions and provide forward-looking statements.
Personal spending: The bank will want to know information about your personal spending. Are you a risky splurger, or someone who runs a tight ship at home?
We can help you prepare a plan laying out the information you’ll need.