Need A Small Business Loan? 6 Tips To Make The Process Go Smoothly

Are you purchasing real estate or buying a truck? Perhaps you simply need the capital to make an acquisition. No matter the purpose, have a firm idea of why you need the money and how you’ll use it, Singer advised. Be able to clearly present the use of your funds and the specifics of how the money will be used. Lenders have different requirements for the use of proceeds, so be sure to ask your lender before you get started. 4. Demonstrate sufficient cash flow. If you’re an existing business, banks want to see that you have demonstrated cash flow sufficient to make your monthly loan payments, Singer said. They’ll do this analysis by looking at your past tax returns and existing debt. Singer added that if you’re buying a business or starting one from scratch, you should be able to show detailed financial projections. Provide a financial plan that clearly illustrates you’ll be able to make your monthly loan payments.
For the original version including any supplementary images or video, visit http://www.businessnewsdaily.com/6545-small-business-loan-tips.html

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s