How to Get Your Business Ready to Receive a Loan
The Road to Seven
English - April 11, 2023 04:00 - 22 minutes - 15.8 MB - ★★★★★ - 1 ratingCareers Business coaching business development female entrepreneurs Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
“Sit with your bookkeeper or accountant, and look at what’s feasible for you to borrow, vs. where that investment is going to go.”
- Shelagh Cummins
Is your business loan-ready? Growing and scaling successfully requires that you make key investments into your business. Seeking a business loan can feel intimidating — but you may find that the process feels a lot more comfortable when you take some time to prepare!
For example, creating a relationship with your potential lender or lending institution beforehand will not only help you feel more confident in asking, but will help the lender feel more comfortable with the idea of giving you a loan.
In this episode, you will learn how to prepare your business for your loan application, from keeping your books in order to ensuring that your credit scores are kept separate. If getting a business loan is on your To Do List for this year, then grab a pen and a notebook, and press play!
In this episode of the Road to Seven podcast, you’ll discover:
What you should be doing in your business during the months leading up to your loan application How to create a basic business plan Online tools that you can use to keep your financials organized and generate necessary reports
Highlights:
00:53 Intro
02:02 Have your financials in order
04:59 Look at what you’ve been given
05:49 Know your credit score
07:00 Taxes & loans
08:23 Have a business plan
09:08 Personal collateral
11:07 What you can afford to borrow
13:27 Different types of loans
14:34 Interest rates
19:45 Conclusion
Links:
Capital Access Program
https://www.theroadtoseven.com/capital-access-program
https://www.theroadtoseven.com/investors
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