Are you being denied loans for starting up a business?
Numerous aspiring business persons apply for business start-up loans. However, only about half of them become successful in getting the loans.
Do not let the entrepreneur in you take a backseat. Follow the guide lines given below to become successful in getting business start-up loans:
• Pay attention to your appearance
• Make a thorough preparation for the interview with the concerned bank official. Get a CD (provided free by high-street banks) that provides information about nitty-gritty of starting up a business. This will help you to present your business plan and cash flow statement in an impressive manner. All such preparations will enable you to face the bank officials’ queries intelligently.
• Prepare a detailed account of the amount of loan you require and how you plan to repay the loan in a stipulated time. You should provide information on how many units of items you want to make, how many sales you hope to make and when do you expect make a profit.
• Be prepared to invest some money from your own side as it is quite unlikely that the bank will pay the entire amount you require to start up your business. You may need to put forth your property as security in case you require a large sum of money.
• Update your knowledge about the market segment you plan to enter, the market size, the product or service you are going to provide, predicted growth of the market, nature of competition, etc. This will help to impress the bank manager and strike a favourable deal.