Home
>
Small Business
>
9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan

9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan

To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria. To vastly increase your chances of a successful funding application, you will need to present the following information:

1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each.

2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly).

3. Details of how you will repay the amount borrowed. For example, "From the increase in profits of reduced running costs of the Whizzbang Go4It"

4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you're not prepared to put up some aspect of security, then why should they?

5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market you operate in. What kind of business you are in etc.

6. 3 Years financial statements. You will need to present quality financial information from your accounting software, preferably signed off by your accountant or tax advisor.

7. Latest Set of Management accounts. Again produced from your accounting software.

8. Accounts receivables (debtors) and payables (creditors) ageing reports.

9. Principals financial statements. ? Particularly required if some form of security is necessary.

If you are a new company, the emphasis is going to be on your business plan , and the security (also called collateral) you or your business can provide against the loan.

You must take the time to practice presenting your case to the bank or lender to iron out any glitches. Practice on your colleagues and family (you never know, they might be so impressed, they'll invest or lend!). It may help to role play the lender and come up with as many pointy questions as possible. The more time you take the better your chances will be. (But remember, don't fall into the analysis paralysis trap!)

Good luck!

About The Author

This article was written by Neil Best, an accountant with over 15 years experience in business finance. The article and other useful business finance information including business finance information Sourcing and applying for business finance information and how to approach potential investors can be found at business finance information

Geneva ohare limo service .. Lockport Chicago limo O’Hare

In The News:

A new luxury SUV combines military-inspired design and high-end luxury transportation and includes two military-grade gas masks to protect against chemical warfare.

80% of stalking victims are tracked using tech. GPS trackers, like AirTags, are among the most popular ways to do it. Here's how to protect yourself.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Kurt "CyberGuy" Knutsson explains how to protect yourself against artificial intelligence-fueled romance scams, which have become the most common type of fraud in 2025.

Kurt "CyberGuy" Knutsson explains the steps to declutter text messages on a Mac or iPad. Apple offers ways to do this more efficiently.

Here's how to take control of the algorithms on Facebook, YouTube, Instagram and TikTok if your social media feeds aren't showing you content you want to see.

Beware of iCloud scams using urgent messages. Tech expert Kurt “CyberGuy" Knutsson helps you spot the red flags to protect yourself.

Travel abroad worry-free with these top translation apps for travelers. Tech expert Kurt “CyberGuy" Knutsson highlights some favorites.

The European Space Agency's Euclid space telescope was going through preliminary tests in September 2023 when it captured images of an Einstein Ring in a nearby galaxy.

Tech expert Kurt “CyberGuy" Knutsson says hackers are using Microsoft Teams for phishing, vishing and quishing via social engineering.

Red light camera tickets: Not liable to ID the driver; some are fishing expeditions. Tech expert Kurt “CyberGuy" Knutsson helps you fight back against tricky fake tickets.

The apps collecting the most data about you are among the most widely used. Kurt the CyberGuy takes a look at 20 of these apps and how you can protect personal information.

AST SpaceMobile of Texas is developing the world's first global cellular broadband network that can connect directly to your smartphone without special equipment.

Community Health Center, a Connecticut-based healthcare provider, has disclosed a recent data breach affecting over 1 million people in the U.S.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

The TruePeopleSearch.com website works for landline and cellphone numbers, allowing you to do a reverse phone lookup for any type of phone number.

A Chinese startup has developed a robot, Mirror Me, that has run about 100 meters in under 10 seconds, pushing the boundaries of robotics and speed.

Bad actors are now mimicking Reddit to spread malware that can steal personal information. CyberGuy shares what you need to know about fake Reddit pages.

An innovative new window system keeps your home comfortable without using a single watt of electricity and could change the way we think about energy efficiency in buildings.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Kurt the CyberGuy offers tips to dramatically reduce the risk of having your information stolen while booking flights, cruises, vehicles and accommodations.

Whoosh to launch a new urban transit system in 2026, offering a unique blend of on-demand service, direct routing and privacy that sets it apart from traditional public transportation.

Spambots, data thieves, and other bad actors run rampant online — more so now than ever before. Here's what to do if one gets ahold of you.

Tech expert Kurt “CyberGuy" Knutsson says the Super Bowl's huge audience makes it a prime target for many types of cybersecurity scams.

It's not just about freeing up space on your computer, Kurt “CyberGuy" Knutsson says. It's about protecting your digital memories and important documents.