Explain how you plan to spend the loan and how it will help your business. Describe your last three years in business in financial terms. If you are starting a new business, give your personal financial history for the past three years. You will find it very useful in preparing the financial section of your business plan. Rarely finance start-ups.
Banks look for borrowers with solid track records of at least two profitable years in business.
If you pay within ten days of delivery, however, you can usually receive a discount. You might be paying significantly higher prices to a supplier simply because you are getting credit. There are a number of sources of financing that you should explore. All rights reserved. This project is a joint project by both organizations.