Sounds easy, well it is. First, get to know who your investors are going to be. If you are looking for a small business loan you are most probably going to borrow the money from a bank. A bank will look at you and your business and ascertain if it is a sound investment. They examine your risk potential and make a verdict on whether or not to move forward with approving your loan request.
Being aware of what the bank is looking for is very important. Every lending establishments have their own unique method for determining the terms and conditions of a loan agreement. In most instances you will require a good personal credit score, and a least 2 years in business. You can lower your risk profile as an investment for the bank the longer you have owned your small business, the higher your credit score is and the more positive information you have on your credit report.
When applying for finance you will find some banks accept a lower personal credit score than others. The banks have a choice of three Credit Agencies to purchase your credit statement from. Each Credit Agencies will have a different formula to decide your credit score, so you actually have three...
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