Applying for a Business Loan? Here's How.

Applying for a Business Loan? Here’s How.

Need some extra cash to take your business to the next level but daunted by the loan process? You’re not alone. There’s a lot of paperwork and number-crunching involved.

Before you start, remember that banks want your application to succeed, as the interest you pay is a vital revenue stream. So it’s up to you to make their job easy by turning up with a good business case.

Connect the dots for them. While banks are money experts, they’re not necessarily knowledgeable about your area of business. Remember to present a clear story and demonstrate how the loan will unlock your growth, ultimately ensuring the bank gets paid back.

When applying for a business loan, ensure you have the following:

income statements and balance sheets for the past two years
up-to-date financial statements
business plans or project plans to show the direction your business is taking
tax returns to verify your income statements
bank accounts, also for verification

If you use cloud-based accounting software, the platform will produce much of this information on demand, including:

income and expense reports
growth trends
forecasts

Talk to us to get advice when applying for a business loan

If you’d like advice on applying for a business loan, let us know, we can help guide you on the right path and put you in a better business position.