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Capital employed in business generally constitutes two parts – own resources and business loan. While own resources have some limit because of its nature, loan amount can vary as per the needs of the business. One needs business loan for any or all of the following –
1. Business start-up
2. Business expansion
3. Increasing inventory
4. Renovation
5. Major equipment purchasing
While any small business owner is eligible for getting the business loan from the lending institution, here are few prerequisites.
1. Firm’s financial statements – balance sheet, tax returns, income statements.
2. Personal financial statements
Small business owner qualifies for the loan if these statements and returns have been filed before stipulated deadlines.
In order to apply for the loan one needs the following –
1. Comprehensive business plan
2. Cash flow and fund flow projections for the next three years (some may need five years projections)
3. Plan of deployment of loan money
4. Profiles of key management people
Detailed plan, knowledge base of the project and quality of presentation make all the difference between success of getting the loan and not being able to get it.
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