Small Business Solutions to get Business Loan

sme connect - shopping mall pic BLUE VERSION with Small and Startup Biz CROPPED - June 2 2017

http://www.isolutionator.com/small-business-connect-solutions-providers/

Following Specific Solutions Providers and lot more not shown are in our SOLUTIONS MALL:

sme connect - master graphic with patent pending and trademark - april 26 2017

Sooner or later, all Small Business starting from Startups on up to Multi-Billion Dollar businesses need Business Loan to stay in business and to grow business.  We will connect Small Business to appropriate Solutions Providers located in our Mall to help you out.

Please read on to get insight into the subject matter.

 

Business Plan to get Business Loan

                        Business Plan to get Loan

OK!  Need for the Capital is universal.  But the challenge is how to satisfy this need with desirable terms and conditions.  Following are the issues that come up during answering “How to get loan approval?”

  1. How do I know I need loan or business line of credit?
  2. How much Capital should I ask for?
  3. What are the odds that I will be able to pay back?
  4. What are the SBA rules for amount of loan?
  5. What are the most productive uses of Capital?
  6. Will I qualify for the business?

    Business Plan to get Business Loan

    Business Plan to get Business Loan

  7. If I already have business loan(s), how is my track record?
  8. Who are the most likely Lenders who will give me loan?

    Business Plan to get Business Loan

                     Business Plan to get Business Loan

  9. How do I go about preparing customized loan plan to present it to the Lenders?
  10. If loan is approved, do I have detail plan where the capital will be best invested?
  11. If loan is not approved, do I have a strategy to overcome the issues my request was denied for?
  12. Do I have alternative ways to satisfy my business needs if the loan is not approved?

If you look at many articles and books published about getting Business Loan, there is ONE common thread among all of them ….. Need Solid Business Plan!  This Business Plan also serves as a business knowledge source and provides progress tracking dials for growing the business.

The Loan Plan includes critical information Lenders are looking for.  Each Lender has their customized loan application format.  It includes:

  1. Management Team and its Capabilities
  2. Business Track Record (Balance Sheet, Income Statement, Cash Flow, etc.) and Forecast for 5 Years

    Business Plan showing Growth

                Business Plan showing Growth

  3. Credit worthiness of Owners and Company

    Business Plan for Business Loan

            Business Plan for Business Loan

  4. Loan Type, Amount, Etc.

It is equally important to know factors that will stop you from getting loan.  For example:

Business Loan - Why Rejected

    Business Loan – Why Rejected

  • No Business Plan
  • Disorganized
  • Business is about to say “Sayonara”
  • Bleak past and future
  • Like Sinatra sings in “My Way” song, “Biting off more than you can chew”
  • Management lacks passion
  • Too Picky – Beggars can’t be Choosers
  • Dreaming without substance
  • Etc.

Getting a Loan is a structured Step-By-Step Process:

Business Loan Process Start

     Business Loan Process Start

  • Before you need loan, start with building relationship with multiple Lenders who specialize in lending businesses in your market segment. Look at their business loan portfolio.
  • Get familiar with Lender’s Loan Application Package.
  • Prepare Business Plan which spells out why? what? How much? when? Etc. based on solid knowledge.
  • Do extensive research to build knowledge base about the industry your business is in and other related industry.
  • Prepare backup knowledge package to answer expected detail questions by the Lender.
  • Etc.

    Business Loan - Last Step

            Business Loan – Last Step

                  If you need help to prepare a Business Plan for Business Loan, Please

Business Loan Approved

            Business Loan Approved

  Contact Us

Leave a Reply

Your email address will not be published. Required fields are marked *