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Want a Bank Loan? Learn What a Bank Wants to Know
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Want a Bank Loan? Learn What a Bank Wants to Know
First and foremost your Bank will want to know how you will be
able to pay the loan back in the allotted amount of time. You will need
to be able to clearly answer the question: "What's your plan to pay us
back"? Your business plan might have most of the information to answer
that properly. That's why I am hoping that everyone that reads this
article had a plan in place before they began their business journey. It
is such a good way to keep yourself on track of what needs to be done
on a daily, monthly and even yearly basis. In my opinion it is the
better way to track your goals. You begin with a great idea. The Plan
helps guide you on that journey to take your idea from zero to
one-hundred and then from one-hundred to one-thousand. It isn't that
hard, and if you are having trouble there are professionals that will
guide you through the process. Get it done!
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Describe your company: your goals: your objectives:your strengths; your industry and it's future.
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Products / Services. What gives you a competitive advantage? What are
the margins and how will you price yourself to maintain them?
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Marketing Plan: facts about the industry: size of the market; describe
the products / services as your customer sees them: location:
competition: who are your customers? Sales forecast: promotional budget:
How will you track results?
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Operational Plan: daily: people: processes: inventory: suppliers: manage accounts: payables.
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Management and Organization: Do you have a board: attorney: accountant:
insurance agent: consultants and mentors, corporation: partners?
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Personal Financial Statement? Financial plan? 12 month profit and loss
projections: cash flow projection determines if you have enough capital
to grow? Collateral?
Let me give you an example of what I am talking about.
Take the inventory category. What kind of inventory will you keep? What
raw materials will be needed? What is the cost of each? What is your
total inventory investment? What is your rate of inventory turnover and
how does it compare to industry averages? Will there be seasonal
buildups? (Very important to cash flow projections). Lead time for
ordering? Credit and delivery policies of suppliers?
Your loan
will most likely be approved because they feel comfortable about your
ability to repay the loan and repay it on time. Congratulations will
soon be in order.
Just follow this outline, start writing, start your research and you will be on your way to success!
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