Loans for Businesses : How to Apply for a Business Loan
Hello, my name is F.J. Cava, and I have an
MBA from San Francisco State University, in Entrepreneurship. I’m also owner of the Bayview
Webspot, which is an internet cafe, in San Francisco. I’m going to talk to you today
about how to apply for a business loan. The first thing you’ll need, is a business plan.
Make sure that you have a clear understanding of what type of business you want to do. Second,
you need to have your personal finances in order. If you’re anything but a corporation,
and even if you are a corporation, you will need to have your personal finances together,
so check your credit score. Also, know what you want to buy with the money that you’re
asking for. Make sure you know how much it’s going to cost. It is not a good idea to walk
into the bank, or the loan officer, and say, How much money can I get? What you want to
say is, I need ten thousand dollars for this. Finally, have your business plan financials
together. Have projected profit loss statements, cash flow statements, and a projected balance
sheet. This is probably the first thing that the financial loan officer will look at. Make
sure that you have other paperwork in order, and make sure that your business is registered
in the city and county, that you want to do business in. That’s it.