About Small Business Loan
Tips to Increase the chances of getting a Small Business Loan
One should be very clear about the reason for your loan. You need to show a very good, very legitimate reason why you want the money, otherwise the lender will not agree to your business idea. Your lender will also consider the scale and expertise of your business area before they grant you the loan amount.
Always have a clear track on how you plan to return the money you take as a loan because the lender has the main motive of making money off you. For example- specify that you will use your profit money to repay the loan.
Your business plan must have a good logic behind it. The business plan will give your lender an idea about your abilities as a businessman and will also give your lender an idea about any other pertinent information.
So do give a detailed account of the security you will be able to provide to your lender. This will work as a reassurance for the lender.
Include your financial statements of the past three years too. These must be clean and the information provided by you should be accurate and legitimate.
In order to boost the security aspect of things, you can put in your principal financial statements, this will definitely help.
Reports of creditors and debtors.
Before you approach your lender, think about all the shortcomings in your business proposal that your lender might come across. Think about whether you would give your money to someone with your business plan. If not, why so? Try and eliminate all the glitches in this manner. Small business loans are not the difficult to handle, one must know the right technique.
Leading Business Loan Providers :
- Bank of Baroda
- Barclays Bank
- Canara Bank
- ICICI Bank
- ING Vysya Bank
- Kotak Mahindra Bank
- Reliance Capital
- Corporation Bank
- Tamilnad Mercantile Bank
- Deutsche Bank
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