What are my chances of obtaining a loan for my startup business?
It is tough but not impossible to get a business loan if you are a startup. You must prove to your banker that your business idea is viable and can make enough money to pay back the loan and the interest. You may also be expected to make a personal financial commitment to the business. The business loan is likely to cover only a percentage of your total requirement. Before you call your bank or walk in there to ask for a business loan, do thorough research and build an in-depth analysis of your target market. Make worst case and best case expense and income projections. You will greatly improve your chances of approval if you back up your enthusiasm with strong business analysis and knowledge about the industry. A good way to demonstrate business acumen is to showcase any past successes in running a business. If you see any gaps in your experience or knowledge, cover them by hiring a management team that has the relevant experience to complement your skills. What are the different type
