 |
| | | |
|
Project Management Training Article
| How To Apply For a Business Loan |
| By: John Mussi |
Worried about how to apply for a business loan? Although it may seem like a daunting task at first, it can be made less so by careful preparation. When applying for a business loan, you must prepare a written loan proposal. Make your best presentation in the initial business loan proposal and application; you may not get a second opportunity.
Always begin your proposal with a covering letter. Clearly and briefly explain who you are, your business background, nature of your business, the amount and purpose of your loan request, your requested terms of repayment, how the funds will benefit your business, and how you will repay the business loan. Keep this cover page simple and direct.
When writing your proposal, don't assume the reader is familiar with your industry or your individual business. Always include industry-specific details so your reader can understand how your particular business is run and what industry trends affect it.
Provide a written description of your business, including the following information:
Type of organization
Date of information
Location
Product or service
Brief history
Proposed Future Operation
Competition
Customers
Suppliers
Management Experience:
Resumes of each owner and key management members.
Loan Repayment:
Provide a brief written statement indicating how the loan will be repaid, including repayment sources and time requirements. Cash-flow schedules, budgets, and other appropriate information should support this statement.
Existing Business:
Provide financial statements for at least the last three years, plus a current dated statement (no older than 90 days) including balance sheets, profit & loss statements, and a reconciliation of net worth. Aging of accounts payable and accounts receivables should be included.
Proposed Business:
Provide a pro-forma balance sheet reflecting sources and uses of both equity and borrowed funds.
Projections:
Provide a projection of future operations for at least one year or until positive cash flow can be shown. Include earnings, expenses, and reasoning for these estimates. The projections should be in profit & loss format. Explain assumptions used if different from trend or industry standards and support your projected figures with clear, documented explanations.
Collateral:
Provide a list assets to be held as collateral. Few financial institutions will provide non-collateral based business loans. All business loans should have at least two identifiable sources of repayment. The first source is ordinarily cash flow generated from profitable operations of the business. The second source is usually collateral pledged to secure the business loan.
Depending on your particular circumstance you may need to provide one or more of the following documents:
Lease, Franchise Agreement, Purchase Agreement, Letters of Intent, Articles of Incorporation, Plans, Copies of Licenses, Letters of Reference, Contracts or Partnership Agreement.
You may freely reprint this article provided the author's biography remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
|
|
| Keywords: management, business provide, project management, projections, customers suppliers management, management experience resumes, projection, loan proposal, suppliers management experience, business loan |
Project Management News
Helpful Project Management Training Links
Project Management Training|PMP® Exam Prep Training|PMP® Exam Preparation|PMP® Certification|PMP® Training|...
Cheetah Learning is a Leader in Project Management Training, PMP® Exam Prep Training, continuing education and PMP® certification. Registered education provider for Project Management Institute(PMI), PMP® & Class Information, More! ... Student Login. Project Management Professional. Accelerated PMP ® Program ... About Cheetah Learning. Project Management Training Centers ...
Professional-PM Project Management | Project Management
... The Wideman Comparative Glossary of Project Management Terms is a very comprehensive resource of over 6000 entries ... in your project? Training for staffing your team - the Killer Quiz ...
Project Management Training
The home page for the United States Department of Agriculture OCIO, USDA IT Investment and Project Management Training Program ... The USDA IT Investment Project Management Training Program provides participants the tools and techniques ... the need for more training in project management. The Federal CIO Council ...
Project Management Training
Computer Simulation Seminars delivering leadership development and management training that integrate business literacy, people/team leadership and management tools to increase productivity, quality and cost control. ... Bottom-Line Project Management Curriculum ... and report any business project at four levels (from beginner to Multi-Project (Program) Management)...More ...
Project management training, templates and techniques
Project management resource site with hundreds of free articles, tools and templates plus E-learning certifications for all level of project management experience. ... IT Project Management Cross-functional PM ... Search the site. Project Management Training & Certification ...
PMLG - Welcome to Project Management Leadership Group
... Project Management Leadership Group, Inc.'s (PMLG) mission is to assist ... a leader in project management training and implementation support. The Certified Project Manager (CPM) and ...
Project Management Training
Project Management Training. Train by Working 1-on-1 with a Certified Project Manager. Project Basics. Advanced skills. Articles. We work with you to design a class customized to meet the needs of your project managers.
Project Management Institute and Leadership Skills Training by Fissure. Simulation based project management Training...
Project Management Institute and Leadership Skills Training by Fissure. Simulation based project management Training for Certification. Preparation for PMI Exam and certification and PMP Exam and certification ... 4th Edition of Kathy Schwalbe's book, Information Technology Project Management. The new book includes a CD ...
Martin Training
Training organization, specializing in advancing and supporting project management skill development throughout the enterprise.
Performance Management Associates, Inc.
Performance Management Associates -- providing project management solutions, training, services and education since 1988. ... Project Management Solutions ... Management Systems. Project Performance Analysis. Capabilities/Systems Assessments. Process Development. System Implementation. Project Scheduling & EVMS Training ...
|
