Getting a Business Loan

21 June 2010 - Which Way To Pay

    



Getting a Business Loan

 

 

Regardless of the size of your enterprise, in order to get a business loan there are a few things to consider…

 

Whether you’re looking for a kick-start, make an acquisition or wish to boost overall growth, a business loan is a useful way to go about getting the necessary financing.  Most UK banks offer business loans and there are now independent lenders that can also offer a range of loans.  

 

Before you get going, you will need to set up a proposal.  This is for the lender to determine whether or not you and your business have enough credibility to finance this loan. 

 

A business model which shows solid cash flow figures and a strong balance sheet are essential in order to provide a lender with a picture of your business.

 

In order to satisfy the lender and answer all their questions, it pays to do some homework about them in advance.  Ask yourself:

 

  • Who are you dealing with? 
  • What kind of questions will they ask? 
  • Will they challenge your business model? 
  • Will there be any unexpected questions?

 

 

Clearly, a business loan goes both ways – you will need to impress your lender, but they will also need to show transparency and a willingness to work with you.  Shop around and compare lenders to get a good picture of which one is more likely to support your business.

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