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Loan Approved – How To Ensure Those Two Magic Words

Running a small business is not easy. You have to contend with all of the big fish in the industry.

You have marketing costs, accounting expenses, employee wages, compliance commitments, and a whole host of other costs to contend with. Because of this, the vast majority of small business owners need to secure a business loan to get their feet off the ground.

If you are applying for a company loan via the likes of, here are some top tips to increase your chances of being approved:

Compile all of the information you need before making your application

Do not simply dive right in and start filling in your loan application. Instead, gather all of the details you need.

The majority of lenders will expect you to provide the following:

Your personal details
Your balance sheet
Details of your profits and losses
Your business bank statements
Your business plan
How much you are asking for
Why you need the money

Work on your credit score

Chances are, you will need a pretty good credit score to be approved! Lenders like to see that you have a history of paying back money before and doing so on time. A positive credit score reassures them of this.

If you do not have a great credit score, we would advise working on this before making your application. Pay off your debts and avoid making any new applications until your score is where you want it to be.

Put together a concise, compelling, and accurate business plan

One of the biggest mistakes a lot of business owners make when applying for a loan is submitting a half-baked business plan or failing to provide a business plan at all.

Remember, your ability to repay the loan depends on the success of your business. Therefore, you need to convince the lender that your business is destined for success. This is where a professional and informative business plan comes in.

Keep all of your records up to date

Finally, it is essential to keep the latest copies of all of your important statements and records, such as contracts, proof of revenues, statutory and management accounts, and bank statements.

This will ensure you do not need to scramble to put everything together at the last moment. Set yourself stringent reporting deadlines, either monthly or weekly, and make sure you stick to them. If you try to consolidate figures that are not fresh in your mind, mistakes happen and you may sound unsure about your business’s finances when talking.

Never rush your loan application!

We hope that the advice that we have provided you with above has helped you to get a better understanding of the steps you need to take to give yourself the best chance of being successful in your loan application.

If you are struggling, there are professionals available that can help you to put together a compelling loan application, so don’t overlook this possibility.

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