Very few people can afford to start a business using nothing but the money theyve got lying around in their bank accounts. For most of us, were going to need to get a loan before wed have anywhere near enough money to invest in starting up.
Your Credit History.
You might not have realised that your credit history was going to count here, but it does. This is where all those late credit card payments come back to bite you. The better your credit history, the more likely a bank is to lend you money, and the better the rate it offers will be.
Bank Loans.
Banks usually have someone whose job it is to go through applications for business loans. These people have seen a thousand business plans, and they know what theyre looking for.
Take along all your plans and any other supporting material you can put together. Make sure you present yourself at your most professional. Act like the most sensible and level-headed person youve ever met. This is, essentially, a job interview: the bank is interviewing you and your business to try and figure out whether it would be a safe place to put their money. Remember that theyre just like every investor, lending...
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