Now that you have developed a winning business plan, you will need to obatain funding for your venture. Presenting your bank with clear and consise information will lead to recieving the loan you are seeking.
Who should write it:
Business Owner
Accountant
Business Advisor / Consultant
Who should present it:
Owner / President / CEO
Use accountant's / advisor's / consultant's technical backup
How to present the loan application to a lender:
Person-to-person (appointment)
Subsequent modifications or correspondence
By mail only after meetings or phone conversations
Business loan assessment:
Past business experience
Lender's relationship with you
Ability to pay
Collateral
Personal guarantee
Other sources of capital
Key success factors in your industry
Planning the loan application - Critical questions to answer:
How much money is needed?
Why is the money needed?
How will the money be used?
How long will the money be needed?
How will the money be repaid?
When will the money be repaid?
How will the loan be secured?
Am I willing to personally guarantee the loan?
Is there any other way to raise all or some of the money needed?
Please feel free to contact your local SBDC to get answers or receive further information on the loan application process.