Biz Articles
Banks & Biz Loans
Author: Youth 2 Youth
Wanting to approach the banks for some funding? Make sure that the issues below are outlined in any plan or proposal that you present to the bank:
CHARACTER: Your track record personally and your business. Often your business will have to show that is has been trading in some form for 6 months.
CREDIT: Your credit history personally and your business.
CAPACITY: The businesses ability or capacity to repay the loan. This can be outlined in your business plan's financial section.
CONDITIONS: The economic conditions at the time. An analysis of trends, current and future, in your industry and the economy in general.
CAPITAL: How much are you personally investing in the business and how much extra capital is required.
COLLATERAL: What can the bank take or use as security to guarantee the loan ? Or, what can they take off you if you don't pay the load back !
* Please check with your bank to gain more detailed information on their requirements for a business loan.