5 Questions to Ask Before Applying For a Loan

I’m always happy to pass on great info, and this is great info! I’ve included a few snippets below lifted from the full article.

So, you’re thinking about going to the bank for a loan because your business is growing and you need some extra cash to keep the momentum going. To improve the probability of being successful with your loan application, preparation is the key.

What’s your CHARACTER?

You might be surprised to know that this is one of the most important considerations for any financier. After all, it’s the person behind the business who is responsible for all the loan repayments.

Do you have CAPACITY to repay?

Of course the bank wants to get repaid, so they will look at the capacity of the business to be able to repay the loan.

Can you provide COLLATERAL?

Collateral is a fancy term for security, and in most cases when you apply for a loan you will need to provide adequate security.Often collateral for a small business will be your home or business premises (if you own them).

Do you need more detail on this subject? Head on over to the full article HERE for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts [email protected]; or call me on (07) 3465-9259.

Cheers!

Craig