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

 by: Neil Best

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.   (continued...)

9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan
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About The Author Neil Best This article and other useful info such as sample business plans, sourcing and applying for small business grants, and how to find and approach potential investors can be found at http://www.smallbusinessfinancetips.com/small-business-loans.html

Additional Government Grants Resources

Community Development Block Grant Program for Indian Tribes and Alaska Native Villages
The Office of the Assistant Secretary for Public and Indian Housing within the Department of Housing and Urban Development, has recently established a funding opportunity entitled Community Development Block Grant Program for Indian Tribes and Alaska Native Villages (ICDBG).

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Human Health and Heredity in Africa: Research Grants Program
The Human Health and Heredity in Africa: Research Grants Program wherein they intend to invite applications from foreign institutions that are based in African countries who have the desire to conduct scientific studies regarding the genomic/genetic/environmental contributors of human health and diseases which are common in Africa.

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Urban Waters Small Grants Program
The United States Environmental Protection Agency has recently constituted the development of the Urban Waters Small Grants Program wherein it seeks to solicit project proposals from eligible applicants who wish to contribute to the improvement of water quality in urban areas.

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Basic Research on HIV Persistence Program
In keeping with this mission, the National Institutes of Health has recently constituted the establishment of the Basic Research on HIV Persistence Program in an attempt to increase our understanding of the persistence of HIV-1 infections in patients under highly active anti-retroviral therapy (HAART).

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Exploratory Grant Award to Promote Workforce Diversity in Basic Cancer Research
The National Institutes of Health has formed a partnership with the National Cancer Institute(NCI) in an effort to establish the program entitled Exploratory Grant Award to Promote Workforce Diversity in Basic Cancer Research.

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Department of Housing and Urban Development: Continuum of Care Homeless Assistance Programs
The CoC Homeless Assistance programs is designed to reduce the incidence of homelessness in established CoC communities, thereby the need to assist homeless individuals and families during the process of quickly transitioning to self-sufficiency and permanent housing.

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Physical and Engineering Sciences in Oncology
The National Science Foundation, in close cooperation the National Cancer Institute, has recently developed the Physical and Engineering Sciences in Oncology Program wherein they intend to obtain a more thorough understanding of cancer disorders with the application of physical and engineering sciences.

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