This interview is to discuss the affordability of any loan. What other evidence is required? Proof of all other credit commitments; Other relevant information to confirm status and credit worthiness including tax records. In normal circumstances, we will also ask applicants to provide a guarantor for all Business Loans.
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First-Time Small Business Loans: 7 Do’s and Don’ts
Don’t overestimate your income. “In 20 years, I have never seen a budget where the income was as high as predicted in the first year,” Signorelli said. This is critical, because the lack of income in the first year is what causes 80 percent of small businesses to go out of business, she said. “Once your budget is done, go back to it and reduce your income 25 to 50 percent less than what your due diligence led you to put on the report,” Signorelli advised. Editors Note: Looking for a small business loan for your business? If youre looking for information to help you choose the one thats right for you, use the questionnaire below to have our sister site, BuyerZone, provide you with information from a variety of vendors for free: 4. Don’t underestimate your expenses. “There are things that you underestimated, no matter how meticulous you were, and there are things that you forgot altogether,” Signorelli said. “Just like income, you need to go back to your budget and take your expenses and increase them by 25 to 50 percent.” 5. Do have extra funds.
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