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How do i go about applying for a new business loan?

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  • How do i go about applying for a new business loan?

    Hi,

    How do i go about applying for a new business loan?
    I am starting a new business by buying and reselling consumer electronics, what do i need to obtain a new business loan or a grant.
    What do the banks look at before getting you approved?

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  • #2
    Re: How do i go about applying for a new business loan?

    Many finance company and banks provide the loan for new business.They check your business project and confirm the loan.Banks and finance company check all the details and how many times you will pay the loan.

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    • #3
      Re: How do i go about applying for a new business loan?

      Banks often look to their experience in business. How long have you been long enough in business and how you go with your business. There are also banks that want to see your business plan before they allow you to loan. There are more than sure if you can repay the loan according to the business plan and type of business you are doing. It's all about planning.
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      • #4
        Re: How do i go about applying for a new business loan?

        hey i would like to guide a bank will look at you buss plans, but what they really base their decision on, is if you will be able to pay them back with interest. they will look at your credit. remember that alot of small business close down their doors every day, that is a risk also for the bank. they Willl look at a solid business plan, credit history, and ability to pay back the loan. try a credit union, they give better rates. is you business going to be a corporation or not? those things they wil look at.
        hope this helps u..
        thanks..
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        • #5
          Re: How do i go about applying for a new business loan?

          Some banks will ask to see your tax returns, as well as your current credit history. Additionally you will need to bring certain financial statements, such as a balance sheet or income statement. Keep in mind your cash flow projections should provide a repayment time frame. Remember that banks prefer to lend to low-risk, low profit ventures than to high risk businesses or those with no record of accomplishment. So keep that in mind as well.
          Gary Barzel Manager of Business Development
          FastUpFront: Business Cash Advance and Small Business Loans Company
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          • #6
            Re: How do i go about applying for a new business loan?

            It seems to be obvious that a small business owner would know the reason for and amount of the business loan they need. If the business is a start-up, this is not necessarily true. If they make such loans, pick up a loan application there as well. There are other options such as microfinance loans that make loans to startups. If one lender turns you down, another may say yes to the same loan application so keep trying.
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            • #7
              Re: How do i go about applying for a new business loan?

              A bank will probably want to see a business plan where you show your projected financials and you detail how you are going to build the business that you are proposing to start. The bank will also probably want to see a personal balance sheet where you detail all of your assets and liabilities.
              Neil D

              CEO
              Affordable Small Business Website design | French Homewares Sydney| Cool Wallets

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              • #8
                Re: How do i go about applying for a new business loan?

                Check the websites for the banks in your area, because they often list whether they do SBA loans. Also contact your local SBDC office; a lot of them offer classes, workshop and counseling on starting a small business. They can help with your business plan, getting a loan package ready and the financials.
                I'd also check to see if your local library has a copy of The SBA loan book.

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                • #9
                  Re: How do i go about applying for a new business loan?

                  Keep in mind your cash flow projections should provide a repayment time frame. Remember that banks prefer to lend to low-risk.
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                  • #10
                    Re: How do i go about applying for a new business loan?

                    Aside from the useful tips from the members above, Here are some tips to getting your bank loan approved:
                    1. Do not be afraid to ask for one
                    2. Be prepared - you need to show them when you meet with them that you are worthy of a loan.
                    3. Dress professional
                    4. Bring all necessary documents and make them neat
                    5. Be confident
                    6....but not too confident that your pushing the officer for a loan
                    7. check their policy
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                    • #11
                      Re: How do i go about applying for a new business loan?

                      Banks Generally looks about the security, that you can give to them while taking loan
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                      • #12
                        Re: How do i go about applying for a new business loan?

                        Keep in mind your cash flow projections should provide a repayment time frame.
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                        • #13
                          Re: How do i go about applying for a new business loan?

                          There is nothing to apply for loan, just remember that you pay all the mortgage and interest before applying fr new loan. because it is necessary to have a better credit score..
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                          • #14
                            Re: How do i go about applying for a new business loan?

                            Just remember that before applying for the new business loan, better you pay all your debt, because getting loan is not difficult if you have a better credit score...
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                            • #15
                              Re: How do i go about applying for a new business loan?

                              You can apply for loan after deciding on debt consolidation, as it is the main effect on your funds and all loans should be cleared by you by the time debt consolidation is on your preference.
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