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Assistance for Start-Up Businesses

Assistance for Start-Up Businesses

Do you have a great idea and serious plans for a new start-up business, but you need finance assistance to get it going? Here are the steps you need to take in order to be prepared to start searching for lenders for your short term business loan.

Business Plan

A credible plan for your start-up idea needs to be prepared in order to have a legitimate application for a business loan. Your business plan must contain substantiated evidence that a market exists for your new service or product. In terms of the financial aspect of your business plan, it must contain clear details on the amount of funding you require, the specific purpose for this funding, your preferred payment terms, your collateral and/or security offered for the terms of the loan, your estimated sales and evidence confirming your need for major expense items.

Financial Records

If you are looking to start up a new business, your financial records for loan purposes need to include a detailed and well researched list of all of your financial projections. Plus, you will need a statement of personal assets and liabilities. You need to make sure you provide a detailed list of all of the required financial records and statements in order to have a completed business loan application to send to potential lenders.

Offering Collateral (Security) for Your Loan

If necessary, you may have to offer details of the security you have available in order to back up your loan, as well as any details regarding any secured debt, such as a mortgage or bill of sale. Keep in mind, lenders are often reluctant to use third party security, such as a family member.

Repayment

Your repayment plan, as part of your business plan, needs to be clearly defined and provide allowances for interest rate changes. Lenders will look closely at your projected sales and current financial situation in order to determine if you are a good risk for return on their investment as well as when they can expect to see this return.

Seek Other Options

Quick Business Finance can assist you in all of your Gold Coast and Brisbane short term business loan needs. We keep the process as simple and straight forward for you as possible and work to secure your short term business loan funding in as quick a timeframe as possible. Plus, because we offer private funding, unlike other lenders, we can have your business loan approved within days in order to get the money to you fast.