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
Secondary Market Lending Authority ProgramThe Small Business Administration has constituted the Secondary Market Lending Authority program, one which aims to provide liquidity for the secondary market, thereby ultimately encouraging new lending opportunities from banks of Small Business Administration guaranteed loans.
Alaska Native-Serving and Native Hawaiian-Seving Institutions Education Competitive Grants ProgramThe National Institute of Food and Agriculture has recently constituted the Alaska Native-Serving and Native Hawaiian-Seving Institutions Education Competitive Grants Program wherein it intends to award funds in an attempt to support education, applied research, and several other related community development programs.
Capacity Building Assistance to Improve Health in Tribal Populations ProgramIn keeping with all its existing programs and objectives, the Centers for Disease Control and Prevention has recently established a funding opportunity to promote the Capacity Building Assistance to Improve Health in Tribal Populations Program.
Targeting Persistent HIV Reservoirs Grant ProgramIn keeping with this mission, the National Institutes of Health has recently formed a partnership with the National Institute of Allergy and Infectious Diseases (NIAID) and the National Institute of Mental Health (NIMH) in order to establish the Targeting Persistent HIV Reservoirs Grant Program.
Construction Incentive Program for First Time Home Buyers in New YorkUnder the State of New York Mortgage Agency, the Construction Incentive Program has been established. The goal of this program is to enable the construction of one and two family homes through the provision of funds, up to 97% of the value of the property, to eligible low to moderate income first time home buyers.
Exploratory Grant Award to Promote Workforce Diversity in Basic Cancer ResearchThe National Institutes of Health has formed a partnership with the National Cancer Institute(NCI) in an effort to establish the program entitled Exploratory Grant Award to Promote Workforce Diversity in Basic Cancer Research.
National Endowment for the Arts: Literature Translation Fellowship 2012The National Endowment for the Arts has constituted the Literature Fellowship for Translation Projects grant. The grant provides fellowships for published translators as they translate specific works of prose, poetry or drama.