Match a Lender to Your Needs

Published: Nov 25, 2004

Application

It's important to match the source of financing with the rest of your business plan. Save time and money by applying for loans in the appropriate places.

Some of the facts to study:

Criteria for Applicants (that's you)
- Are you a suitable applicant for a small business loan?
- Does your type of business and its activity qualify?
- Request a list of successful clients.
Application of funds
- Are funds granted for specific assets only?
- Are funds available for inventory?
- Are operating funds available?
- Are there support systems (workshops, counselors, guides, etc.) to assist in the application of funds?
Payout or Payback Processes
- When and how are the funds made available to you?
- What are the terms and conditions for loan repayments?
Auditing procedures
- What is the burden of reporting (reams of paperwork) or accountability?
- What controls are imposed for the use of the loan proceeds?

Avoid spinning your wheels by neglecting this basic type of research.

Avoid being a statistic on some bureaucrat's record requiring declined applications.

Almost all will require a Business Plan. Determine the proper format for a successful outcome with each provider. Request a sample or format from each lender.

Stories

Stories from members will add great value to these maxims.

Please post your story by emailing it to max@unclemaxsays.com.

Don't forget to sign up for our free newsletter.

Outcomes

More effective loan applications.
More efficient searching for funds.

Match a Lender to Your Needs

Application

Stories

Outcomes

Related Topics

Related Finance Books