When preparing your business or your loan presentation for startup capital there are a multitude of factors to consider.
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what are startup business lenders looking for?
Well the simple answer is their money back!
However, there are allot of different subfactors to determine if your eligibility for funding.
Business lenders look at
Credit: Your personal credit is always at least looked at it may not be a defining factor however considering the business has no true established credit until its second year of operation.
Stability: How safe is your business model and industry? Are you a night club owner who deals with volatile swings in PR and popularity or a more stable business that grows slowly and tend to resist the ebb and flow of the market.
Track record: Do you have any sales? profits, any established brand identity?
Competition: How competitive is you business sector? Are you in a unique niche or will you have to go up against corporate goliaths to gain market share
Intellectual property: Does you business own any patents or have an proprietary systems or technology that would not be easily replicated by a competitor.
startup business loan tips
Present an air of preparedness
Have a simple 1 to 3 page business plan.
A picture is worth a thousand words, graphs, pictures, and info graphics especially are greatt.
Mention past success’s and area where you think a gain of market share will be simpler for you.
Be willing and able to answer any question even deeply personal ones or ones with answers you may not want to share
If you don’t know the answer to a question the first time you hear it don’t panic that’s okay, however the second time you hear that question you need to know the right answer.