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The best way to improve your chances of obtaining a loan is to prepare a written loan proposal or business plan. Lenders look to a loan proposal as evidence that your business has strong management, experience, and a thorough understanding of the marketplace.
They will also look for relevant financial information that demonstrates your ability to repay the loan. Credit History To help determine your ability to repay the loan, lenders will often order a copy of your personal and business credit reports from one of the three major credit bureaus: Equifax, Experian, or TransUnion.
Before you even start the process of preparing a loan request, you will want to make sure that your credit history is accurate and that any errors in the report have been corrected. To get copies of I propose to make big money credit report or to correct any errors, contact the credit reporting agencies.
If you need help to repair your credit history, contact a local credit counseling service. Loan Proposal Before you begin writing your proposal, there are four things that you need to be able to clearly address: How much money you need.
How your business will use the money. How you will repay the loan.
How to Prepare a Loan Proposal | The U.S. Small Business Administration | biodieselholding.com
What you will do if your business is unable to repay the loan. There are many different formats you can use for a loan proposal.
You may want to contact the lender to determine which format is preferred by the lender. Generally, a loan proposal should include these elements: Executive Summary. Begin your proposal with a simple and direct cover letter or executive summary.
The grant writing process
Clearly and briefly describe who you are, your business background, the nature of I propose to make big money business or start-up, and how the loan will be used to help the company succeed. Business Profile. Describe the history of your business and summarize current activity and results. Describe your market, your customers, and your industry.
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Describe the experience, qualifications, and skills of each owner and key member of your management team. Loan Request.
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State the amount of money you need and how you determined this amount. Include quotes for equipment or supplies, for building costs, etc. Loan Repayment.
Describe the terms you hope to receive interest rate, term, etc. Show how you can meet that repayment schedule based on sales and cash flow projections.
Keep in mind that loan terms will need to be negotiated with your lender based on their risk assessment of your business. Describe collateral you would be willing to pledge as security for the loan. All loans should have at least two identifiable sources of repayment.
The first source is ordinarily cash flow generated from profitable operations of the business. The second source is usually collateral pledged to secure the loan. Personal Financial Statements. Include financial statements for all owners with 20 percent or more interest in the business.
These statements should not be more than 90 days old. Some lenders may also require tax returns for the previous one to three years. Business Financial Statements. Include complete financial statements balance sheetincome statementand reconciliation of net worth for the last three years plus a current interim financial statement not more than 90 days old.
If you are just starting out, provide a projected balance sheet and income statement. Equity Investment.
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Equity can be built up through retained earnings or by the injection of cash from the owner. Most lenders want to see that the total liabilities or debt of a business is not more than four times the amount of equity.
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Provide projected income and cash flow statements for at least one year or until positive cash flow can be shown. Other Items if applicable Lease or copies of proposal Franchise agreement.
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