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Define Your Goals Clearly When Applying For A Business Loan

August 25th, 2009

To obtain a business loan, every borrower needs to submit a set of credentials. The credentials include a loan proposal, loan agreement, loan covenant, promissory note, and a personal guarantee paper. Let’s take a look at the details of the loan proposal.

The loan proposal-this is like a statement of purpose. It comprises of all detailed information about the loan. The borrower needs to clearly define the purpose of his borrowing; along with the amount of money, where and how the money will be spent, the type of loan he wants to borrow, the company’s profile, physical address, owner’s résumés with social security numbers, and a summarized statement of the business’ financial strength.

Entry Filed under: Business