How to bring a Business Opportunity to Life: Getting a Loan
Youve found an excellent business opportunity, and are eager to act on it as soon as possible, lest that opportunity slip. However, you lack the proper funding to get that business of the ground. What can you do?
One option is to borrow from friends and relatives; another is to go to a financial institution like a bank and apply for a business loan. The latter requires some preparation; after all, you will have to convince the loan officer that you have a good business opportunity and have the background and qualifications to make it work.
Most loan officers will ask for details about the business opportunity, and how you plan to use the money to bring that idea to fruition. Its important that you give solid facts to back up your plans. You will present all of this in your business plan.
If You are Setting up a New Business
The business plan is when you take any business opportunity, and give it form and structure. It starts with an executive summary, which must state the amount you need to borrow, the kind of loan you plan to take, and a short explanation of the business...
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