To successfully apply for & receive a business loan, you must know:
- What the purpose of the loan is
- Exactly how much you need
- Your plan to repay it
The loan officer will probably request a copy of your business credit report. The loan officer will consider the following, based on your provided information and your business credit report:
- Have you invested a significant amount of savings or personal equity into the business for which you are requesting a loan?
- Do you have a record of credit worthiness?
- Do you have the training and experience needed to run a successful business?
- Do your business plan and loan proposal show that you are knowledgeable about your business/trade? Are you committed to the success of the business?
- Is the cash flow sufficient to manage the monthly payments?