Most entrepreneurs use their own personal savings to launch a business. Still, there are times when you need to depend on the bank for raising capital for funding your start-up ventures. However, due to many fraud plays reported in the name of start-ups, these financial institutions had been exercising tight restrictions on money lending.
Steps you need to know for filling out a loan application
Make sure you fill the application neatly with blue or black ink as possible. Further, be attentive so that you make zero errors on it. Now, let us get started.
- Ensure you have filled up all the requested basic information. This may include
- Simple queries about your business company, location details, and even the contact address and phone numbers.
- A brief on your requirement for applying for the loan.
- How would you deal with the fund if the loan proceeds?
- About the machinery sources and the asset, you need to buy and so on.
- Moving on, there could be a column where you need to fill in about your previous working details or the venture you had owned. You may also keep your resume for showing your experience with the jobs and your managing capability.
- The next section would be about your credit history and you need to fill up info on
- Your personal financial details like any previous business debts taken along with the lender’s address,
- Tax details.
- Draft a plan on how you are going to run the business. The plan should include
- Details of your management team,
- Your products and services,
- Define the realistic goals of the company.
- Submit all the legal documents that approve of your business.
- Keep a proof for showing your personal income.
- Your bank statements are also a requirement which forms the main source of analyzing the monthly cash flows.
- Further, you can create a statement on your overall revenue sources.
- Info on any joint accounts or loans you have taken up with your partner.
- Finally, double check on the filled matters and avoid any types of errors.
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