There is every need to make your loan request packaged in a manner that will eventually and easily boost you chance of securing loan in any banks. The package must be well organized and presentable. You just have to make it easy for the bank to understand the business you are involved in and carefully explain and document how the funds will be repaid. Any required forms should be neatly and completely filled out. Be prepared to offer the bank a detailed information on all of the company’s assets.
The following hints will help any small business owner to ensure that a banker sees his/ her business in the best possible light.
1 2-3 years company financial statements prepared by an independent accountant or a financial Expert.
2 List of 5-10 largest customers and percentage of total sales ( though this is not applicable to retail businesses like restaurants or shop)
3 A business plan or the feasibility study which ordinarily will serve as a company’s plan or guide for the future.
4 The bank will also, want to know how the company intends to grow and how it will achieve its growth objectives
5 The bank will also want to know how the company will compete in a competitive environment.
6 The bank would show much interest in knowing how the company administrative structure will be and how it will function in bad times.
7 Who will manage the business in the event of death or illness?
8 Any tangible guarantor/Referee.
9 What kind of property to be tendered as collateral is it landed, housing, share certificate etc?
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