A survey done by Xero found 76% of small business owners thought applying for business loans difficult and 42% struggled to collate the right financial information, so I thought I’d cover areas like:
- The Why – the kind of information you’re generally asked to provide, understanding why banks ask for it and what lenders are thinking when they look at this information.
- How to prepare and present your business so you look more ‘bankable and ready for the loan application process.
- In essence, a small business will always have access to loans – the question is how much you’re prepared to pay for it. You have a better chance of getting a lower interest rate loan needing less security if you’re organised, apply early and your business is performing. Leaving it to the last minute and not being prepared is why most businesses struggle.
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