When applying for business loans and finance, the more information you can supply the better. We explain exactly what you'll need.
Business loan documents – what's required
Starting a small business or looking to expand?
Applying for finance or a business loan can be a complicated process, as business lenders require specific information.
Get your documentation right the first time with these four key items, so your lender can assess the right loan for you.
1. A business plan
As part of their business loan criteria, lenders need to see a business plan that outlines everything from your products and/or services to information about your competitors.
Your business plan should answer the following questions:
1. What do you supply?
2. What’s your potential?
3. Where do you sit in the market?
4. How well do you understand the market?
2. Cash flow projections
The loan application process will also assess your cash flow projection.
This looks at the current cash flow situation of your business and the kind of cash you need to operate.
You'll need to have this information to hand:
1. How much cash is coming in?
2. How much cash do you need to run the business (i.e. pay wages, etc.)?
3. Details of your security
Lenders will also need to secure your business loan, usually with property or another type of asset.
You'll need:
1. Documents that show ownership of assets, such as residential premises.
2. Any other assets, including stocks and shares.
4. Statement of position
1. What do you own?
2. What do you still owe?
3. What’s the net difference?
HAVE YOU GOT A BUSINESS IDEA?
Find out if the numbers stack up.
Contact us @ propertyloans@realrenta.com and we will arrange for a lending specialist from our trusted finance partner to contact you.
Marlene Liontis
Tuesday, 16 October 2018
