Lets face it, if you dont have a proven track record or some notable credit worthiness, it is tough to get financing. Risk factors and high costs of servicing small accounts are the major reasons for banks and financial institutions to stay away from people who dont have a good credit history.
However, the silver lining in the cloud is – business finance, small or big, is the bread and butter for banks and other financial institutions. If you can convince them that you are a good investment opportunity, you are on!
Following tips might make your application irresistible for banks or other institutions.
1. Be Thoroughly Prepared: You need to satisfy the lenders regarding your track record and your future viability. The documentation required for this has been discussed in my other article All About Small Business Funding.
If you are just starting out, you need financial projections for at least next three years. A financial projection typically comprises of:
Estimates of your income and expenditure
Working capital estimates
Cash flow statement
Projected Balance Sheets
Precise loan...
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