Obtaining a Business Loan
Lan Nguyen, Chartered Accountant
Need a Business Loan?
When finding a loan that suits the needs of your business decide on how much to borrow.
Things to consider:
- Initial set up costs
- Your ability to repay the loan
- Risks such as increase in interest rates.
Information that a lender will require from you when applying for a loan.
- A description of the products and/or services you intend to provide
- A marketing plan showing how you intend to bring in business
- Evidence of the demand for your products and/or services.
- Details of your qualifications (business and educational)
- Previous business experience
The amount you need, purpose for the loan and repayment terms will need to be clearly established.
SECURITY! Forms of security such as real estate, shares in public companies and a personal guarantee will protect the loan. The amount of security depends on the type of loan and amount to be borrowed.
The secret to making your loan application more likely to be successful is providing a business plan. Your business plan should include
- Your business goals and objectives
- Results of your market research which support your financial projections and anticipated borrowings
- Systems you intend to implement to enable you to monitor your business and respond to changes in your financial position.
Want to be more prepared? Gather your financial information: sales and profit projections and cash flow forecast.
Written by Lan Nguyen, Chartered Accountant and Wealth Adviser from Success Accounting Group.
Contact a Success team member today and let us help you choose the best loan for your needsand increase your chances of getting it approved.
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About Lan Nguyen
Lan is the Founder and Chief Strategist at Success Accounting Group, Melbourne based CA firm. In a matter of short 8 years she has built up a reputable Chartered accounting firm with 3 offices and a team of 6 professional accountants and support team members. Her mission is to provide Innovative and Strategic Financial advice to help her customers make smarter financial decisions today for a brighter future.
Success Accounting Group is for established business owners who would like help to grow a sustained business. As a business owner you understand what drives your business success with our accounting team taking care of the rest.
Success and Wealth
Success Accounting Group Pty Ltd
Oakleigh, VIC, 3166
