1: Ensure your business finance records are correct, understandable and up to date.
2: Ensure you have a clear business plan.
3: Be clear what the loan is for. This must include how the money will be used and how this will benefit your business.
4: Be clear about how and when you’ll repay the loan.
5: Work out the value of your assets. This may be needed to guarantee your loan.
6: Ensure you can show (if asked for) any appropriate personal finance records. These also may be required to guarantee your loan.
7: Shop around. You’ll find that repayment rates and options will vary.
8: Explore the alternatives to high street bank lending such as your local fair finance provider.
9: Find out about the people you are requesting a loan from. What will they need from you in addition to the above? Ensure you have it all detailed and ready.
10: Have an alternative request so that if your initial loan is rejected, you have a second (perhaps lower cost) option to talk about.
And if you’d like some additional personal and no-commitment financial advice then please call the friendly Impetus Business Loans team on 01386 556000.