How To Get A Small Business Loan: From Your Store Location To Your Store Fixtures
The recession is over, but it's harder than ever to obtain a small business loan
. Convincing banks to take a risk on you is tricky, but if you want the cash to open up a small boutique with plenty of store displays, there is a way. Follow the steps provided below to see how.1. Personal financial statement: Your personal assets and debts will present to the lender a better financial picture.
2. Paperwork: You will likely need your past business tax returns if you have an established business. This will give you clout. You will also need:
Credit rating: a credit report details how your repay your debts, which in turn make up your credit score. This information is not necessary to apply for a loan, because the bank can easily run a credit report on you. If you don't know what your rating is, however, it's a good idea to check.
If your report is bad: You will need to take steps to make it better, like ridding credit cards from your wallet, and consolidating your debt.
3. Presenting your case: to persuade the lender to give you money you have to imagine yourself in their shoes. You want to be able to show them that not only are you a good risk, but your ability to pay back money is great.
Business plan: Your business plan should include all the details - from where you plan to open your business to how much you plan to spend on store displays - so that the lenders are confident that you know what you're doing.
Be ready to talk about: Collateral - this is what you have to secure the loan. Maybe you have a house, maybe a car, maybe equipment. If you default on the loan, these properties may be seized.
-How much money you're putting in: If you are putting your life savings into buying store fixtures and a rent deposit, then the lender will be more likely to give you monies than if you are putting in what you've scrapped together over the past few months.
-Experience: Your experience is a big factor when it comes to successful entrepreneurship. Be able to talk about yourself, your history, and your dreams.
If you have all of your documents in order, a great credit report, and a robust, driven personality, you may find yourself on the receiving end of a large amount of money. If you view the presentation to the lenders as a meeting with your first important client, you may have greater success.
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