STEPS TO CONSIDER

Research

• Different lenders have different criteria as to what they consider a feasible finance plan.

• A strong business plan is a must; it is the backbone and starting point for any business.

• Make sure your projections are realistic, show you know and understand the sector.

• Numbers are key to a business plan.

• Understand and show a lender that you will be able to repay your debt.

• Show that your business is viable and that you will be able to meet the lenders requirements.

• Be upfront with your current situation and the money needed.

• Be realistic; don’t overestimate revenues and understate expenses.

• Understand terms of the loan and the repayment plan.

• All lenders will check your credit history.

• Your credit history could have an effect on the availability of obtaining finance.