Looking for a business loan? Make sure your potential lenders have all the information they need.
Lenders typically evaluate four key factors:
- previous business experience
- ability to repay the loan
- collateral and personal guarantee
Prepare your documents thoroughly. They should include your business plan, balance sheet, cash flow statement, income statement, personal financial statements, personal and business tax returns, and a description of the terms and loan amount, including how it will be used, secured, and repaid.