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Follow on Google News | Microloans and SBA loans | 4 Requirements You Need To Have For FinancingSmall business need to understand the 4 basic things the SBA is looking for from the business owner. The loans officer will want owners to understand the requirements of a successful business before funding loans. Don't have these 4 things no loan.
By: Robert Wagner If a small business understands what the loan officer will be looking for it will increase the chances of the loan moving forward. Banks deal in how risky a loan will be. If the small business owner know the basics the bank will feel more comfortable with that risk. The following is a list of the 4 things that a commercial bank will be wanting to see. Find out what loan officers will be looking for here http://www.sbaloans- 1. What the future of the market the business is in and what the chances of success will be for that business. Give a simple 3 year forecast of sales, profit, and expenses. 2. Who is the management team and what is the experience that they have in the business categories. What is the track record of the team. 3. What service or product that the small business provides and how well do they do this. A brief overview will be helpful for the loan officer because they may not have any knowledge of your market or business type. 4. What is the past performance of the small business concern. Past experience can be an indication of future expectations. When a SBA approved bank is looking at your 4 point overview they will see that the small business owner and the management understand the importance of who, what, when, and how of their business. Although small business owners become frustrated with commercial banks, it really comes down to the risk and the owner of the business understanding the basics. If an owner can master the 4 requirements they will have a much easier time in finding a commercial lender that is willing to work with them. If it is a Microloan or a SBA 504 loan you will need to have these requirements ready. Find out more information at http://www.sbaloans- End
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