business finance
OBTAINING FINANCE FOR YOUR BUSINESS IS SOMETIMES NECESSARY
Obtaining finance for your business is sometimes necessary and makes good sense, not for reasons such as struggling sales or cash flow problems, but for matters such as planned expansion or upgrading of your business.
Lenders are always willing to provide finance, but only if all their risk concerns are satisfied, which requires information such as a business plan as well as up-to-date profit and loss accounts. We can assist you in applying for finance by ensuring you have the necessary documentation in the form of a business plan, profit and loss, or anything else related to your business accounts that a prospective lender may require.
The milestones for obtaining a business loan
Your Business Credit Score
To maintain a healthy business credit score in any system, paying your bills on time is key.
YOUR PERSONAL CREDIT SCORE
Even after you’ve established separate financial accounts for your business, your personal credit score still matters to lenders of small business loans
KNOW HOW MUCH YOU NEED AND CAN AFFORD
As a small business owner, you need to figure you exactly how much money you need as well as how much you can afford.
BE SPECIFIC
Making your request as specific as possible helps you even more as it helps lenders assess your small business loan application.
Financial Statements
Like credit scores, financial statements say a lot about your business at a glance. Take a look at your financials from the last few years.
Bridging Loan
The need arises when a large sum of money is required within a tight timeframe and the relevant amount of cash is not available.
requirements
You will need to show that you have the means to pay back the monies that have been loaned.
Asset Finance
Purchasing expensive machinery or other equipment that is vital to growing or maintaining your business is a challenging task, especially for SME’s with tight cash flows.