SECTION 4 - BUSINESS FINANCING

STEP 32

INFORMATION

-By this point you will know whether your business will require financing. If you need to borrow money, having a Business Plan will help you greatly in arranging financing.

-Some lenders may only require a synopsis of your Business Plan, others will want to see the entire Business Plan.

-In addition to a Business Plan a lender will want to see some sort of loan application or proposal that states:

  • How much money you wish to borrow.
  • What you are going to buy with that money (include quotes).
  • What you are going to use as collateral for the loan.
  • The current value of assets being used as security.
  • A statement of your net income.

-A lender will also want to know the answers to the following:

What are you and/or your partners or shareholders contributing to the business in cash?

How much money do you wish to borrow?

BP ACTION

-If you do not have a loan requirement delete this section from the Business Plan.

-If you require a loan...

Write 1-2 paragraphs

-Complete the provided itemized list of what the money to be borrowed is to be used for.

-Give the current market value of these assets, not the price you paid for them

-If there is money owed on these assets, state the amount.

-Appendix your Loan Proposal.


- Business Plans -

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