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Summary: To apply for a business loan, have a business plan, order personal finances, know what will be bought with the money from the loan, have a dollar amount ready and have business-plan financials together. Have a business registered and paperwork in order when applying for a loan with tips from a small business owner in this free video on business loans.
Starting a business requires the utmost organization and planning. Beyond conceptualizing a business plan and getting the ball rolling, there are employees to compensate, books to keep and bills to pay. It is the small business owner's responsibility to monitor every detail that takes place in the business. It can be strenuous work to start a new business, but keeping organized and accurate is the foundation to a successful company. In this free video series on small business loans, a small business owner offers tips to other small business owners. Learn about the importance of good credit. Get tips on securing a loan with bad credit. Find out how to apply for a small business loan. Small businesses are often preferred by customers, so stay on top of the details to find success.
"Hello, my name is F.J. Cava, and I have an MBA from San Francisco State University, in Entrepreneurship. I'm also owner of the Bayview Webspot, which is an internet cafe, in San Francisco. I'm going to talk to you today about how to apply for a business loan. The first thing you'll need, is a business plan. Make sure that you have a clear understanding of what type of business you want to do. Second, you need to have your personal finances in order. If you're anything but a corporation, and even if you are a corporation, you will need to have your personal finances together, so check your credit score. Also, know what you want to buy with the money that you're asking for. Make sure you know how much it's going to cost. It is not a good idea to walk into the bank, or the loan officer, and say, How much money can I get? What you want to say is, I need ten thousand dollars for this. Finally, have your business plan financials together. Have projected profit loss statements, cash flow statements, and a projected balance sheet. This is probably the first thing that the financial loan officer will look at. Make sure that you have other paperwork in order, and make sure that your business is registered in the city and county, that you want to do business in. That's it."
eHow Article: How to Apply for a Business Loan
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