9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan
This short video describes the most popular Small Business Administration loan program, the 7(a) loan. |
|
by: Neil Best
To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria. To vastly increase your chances of a successful funding application, you will need to present the following information:
1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each.
2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly).
3. Details of how you will repay the amount borrowed. For example, “From the increase in profits of reduced running costs of the Whizzbang Go4Itâ€
4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you’re not prepared to put up some aspect of security, then why should they?
5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market you operate in. What kind of business you are in etc.
(continued...)
9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan
Page 2
Additional Government Grants Resources
Lead-Based Paint Hazard Control Grant ProgramThe Department of Housing and Urban Development has recently established the Lead-Based Paint Hazard Control Grant Program wherein they intend to provide assistance to states, local government units, Native American Tribes, cities, and countries in their complex attempt of determining and controlling lead-based paint hazards in eligible privately-owned rental or owner-occupied dwellings.
Youth Leadership Program: AlgeriaThe Bureau of Educational and Cultural Affairs has established the Youth Leadership Program with Algeria which allows them to bring in young and adult Algerian students to the United States have them undergo a four-week exchange program.
US Agency for International Development Announces Funding for Food and Nutrition Technical AssistanceThe US Agency for International Development: Bureau of Global Health has recently announced a funding opportunity amounting to $200,000,000 in order to support the Food and Nutrition Technical Assistance (FANTA III) project.
Core Clinical Centers for the Cardiothoracic Surgical Trials Network ProgramIn keeping with this mission, the National Institutes of Health has partnered with the Canadian Institutes of Health Research (CIHR), the National Heart, Lung, and Blood Institute (NHLBI), and the Institute of Circulatory and Respiratory Health (ICRH) to establish the Core Clinical Centers for the Cardiothoracic Surgical Trials Network Program.
What You Need To Know About The Department of TransportationIn an effort to create the best possible way of going from one place to another, the United States Federal Government has established the United States Department of Transportation, otherwise known as DOT, in the year 1966.
First Time Homebuyer Programs in CaliforniaThe programs of CalHFA are constantly guided by its overall agency mission which is to "finance below market rate loans to create safe, decent and affordable rental housing and to assist first-time homebuyers in achieving the dream of homeownership."
Laura Bush 21st Century Librarian ProgramThe Laura Bush 21st Century Librarian Program revolves around improving then country's information infrastructure through the utilization of funding projects that are designed to address the education and training needs of certain professionals who help build, maintain and provide the public with immediate access to some of the world's vast and wide-ranging information systems and resources.