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What do I need to do to get a loan to start a small business?

James Lavud

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Initially, the lender will ask three questions:

When you apply for a loan, you will be asked to provide projected financial statements along with a cohesive, clear business plan which supplies the name of the firm, location, production facilities, legal structure, marketing and sales goals, financial analyses and operating plan. A clear description of your experience and management capabilities, as well as the expertise of other key personnel, will also be needed.

  1. How will you use the loan proceeds?
  2. How much do you need to borrow?
  3. How will you repay the loan?
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