Getting a loan

To be successful in requesting a loan you must approach the bank with the right information.

Getting cashed up
People are often rejected because their business loan application isn’t clearly and effectively presented, not because they don’t have good ideas.

Before you apply go and see an accountant and ask the following:

1. How much will it cost to set up and run my business?
2. Can we do a business plan?
3. What is the expected profit and loss for the first 12 months?
4. How much money should I put in?
5. What info does the lender want?
6. What are the tax and accounting issues?

When approaching a lender, you need:

• A business plan
• A clearly defined repayment plan
• Details of security to back up the loan if necessary
• A statement of personal assets and liabilities