5 Tings to do Before you Apply for a Small Business Loan

I’m always on the hunt for relevant info and I loved this - one of the best articles I’ve seen on this topic for a while. Here are a few paragraphs as a taster...

For small businesses, though, obtaining a loan can be difficult – but it is far from impossible. Instead of counterproductively applying for loans left, right and centre in the hope one is approved, check your readiness to borrow funds using these five tips to boost your chances of success.

Check your credit-history report

Check your credit report to examine the credit details held on file about your business and yourself as a company director. Familiarising yourself with this information places you in a better negotiating position with potential lenders, and allows you to clear up any incorrect defaults that may hold you back from obtaining finance.

Research the best rates

Being eligible for a loan is one thing, but consider how those loan repayments will influence your ongoing cash flow. Research which lenders offer the best rates to small businesses, then target your application according to their lending criteria. Knowing what rates are available on the open market also gives you better bargaining power to further reduce your rate.

Pretty valuable stuff, I’m sure you’ll agree! Why not check out the whole article here and share your thoughts with me afterwards: call (0403) 296-221 or email me at [email protected] 

Thanks,

Tammie