4 Things to Do Before Applying for a Business Loan

Thought you might be interested in an article 4 Things to Do Before Applying for a Business Loan and thought I’d share a few points with you here. I’ve found some relevant information here so if I find more, I’ll be sure to pass it on.

Looking to increase your chances of a positive outcome from a business loan application? Before walking to a bank on the other side of town or going to an online lender, every small business owner should complete these four steps:

One: Separate personal and business bank accounts

Lenders want to know about your revenues and need documentation to prove it. This is commonly fulfilled by a business owner supplying checking account statements. If your statements include both recent supply orders and tickets to the next Taylor Swift concert, the task of underwriting will be both tedious and time consuming. Having to go line by line to pick out which purchases were business related and which were personal is a waste of everyone’s time. The easiest thing to do is separate expenses from day one, using different accounts. Tracking revenues and costs will be easier for you, and it will make tax season a breeze.

If you want to keep reading with any of that content, by all means, click the link https://blog.streetshares.com/2015/07/29/4-things-to-do-before-applying-for-a-business-loan to keep reading. Please feel free to contact me on (0400) 032-110 or email at [email protected] for any thoughts and perspectives.

Thanks,

Bill Mitchell