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A Business Loan Proposal
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This should consist of:
A cover letter or executive summary
Explain who you are, the nature of your business, the amount and purpose of the loan, how you would like to repay the loan. How the loan will benefit your business.
The Loan Proposal
- Description of Business
Including type of organization, date of information, location, product or service, history, proposed future operation, competition, customers, suppliers.
- Management Experience
Resumes of the business owners and managers.
- Personal Financial Statements
Financial statements of principal owners and guarantors.
- Loan Repayment
How will you repay the loan? This needs supporting with cash-flow schedules and budgets
- Existing Business Statements
At least the past 3 years financial statements including a current statement
- Proposed Business
Sources and uses of equity and borrowed funds
- Projections
Future operation projection for at least a year. Takings, expenses and how the estimates are made. These should be in profit and loss format.
- Other Items as Applicable
Leases, franchises, specifications,letters of intent, licences, contracts, purchase agreements, letters of reference, partnership agreement, articles of incorporation.
- Collateral
Real property and other assets to be held as collateral.
Some businessmen may be put off by the stringent requirements of this kind of loan proposal and decide not to seek a loan after all!
Many of the most successful Silicon Valley start ups began life in garages without any funding at all. They knew the value of keeping control of their businesses by reducing costs.
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If you do decide to forego that loan and start from home instead, here are a few suggestions:
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