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GreatFX Business Cards Small Business Buzz Obtaining a Business Loan – How to Write a Business Plan – Part 8 of 8
Small Business BuzzObtaining a Business Loan – How to Write a Business Plan – Part 8 of 8
A doubleshot of business news espresso with extra froth
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OBTAINING A BUSINESS LOAN
But not so fast.
Before you walk through the doors of any bank, you need to know what else they will be looking for outside of your Business Plan in order to approve a loan.
Ability to Repay
• assets and liabilities for the business and the owners individually
Your collateral – or assets available that you can sell in order to pay the loan, if necessary – can be through the business or the owners individually. Even equipment that you plan to purchase using the funds you receive through the loan can be used as collateral, because you can always sell them if necessary. Collateral is always a guarantee to the lender that you can repay the loan, and it is required for a SBA loan.
While there is much more that goes into a business than developing your Business Plan and obtaining a loan, I hope that these last two weeks have provided valuable information and gotten you off to a good start. Good luck!
Business Plan – Part 1: Overview
Funding Request & Financial Information – How to Write a Business Plan – Part 5 of 8
Executive Summary, Table of Contents and Appendix – How to Write a Business Plan – Part 6 of 8
Funding Options for Small Business
How to Improve Your Credit Score
Common Mistakes – How to Write a Business Plan – Part 7 of 8
Overview – How to Write a Business Plan – Part 1 of 8
Define Organizational Structure & Management – How to Write a Business Plan – Part 3 of 8
How NOT to Fund a Business
Personal Savings in Decline
Market Analysis – How to Write a Business Plan – Part 2 of 8
By Michelle Cramer
Wednesday, April 24th, 2013 @ 12:01 AM CDT
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