Submitting a loan application | #eBizEntrepreneur | Robynne Erwin

Robyn from FinFind is back to discuss the numerous issues that Entrepreneurs and  SME’s tackle on a daily basis.

Today we are discussing the process around submitting a loan request. The application changes according to what type of lender you are approaching: Bank, Government, Venture capitalists and Private Business all have different criteria and conditions for loaning money; interest rates, time of repayment and the amount being borrowed are all  factors one must think of before deciding who to approach…

BizEntrepreneur-on-BizRadio-600x250Robynne Erwin in conversation with eBizRadio’s Nic von Stein

PODCAST | Click HERE to listen


| Format: MP3

We also discuss the following:Preparing to submit a loan application

      1. Challenges
      2. Up to date documentation
        1. Business Plan
        2. Human Resources organogram
      3. Credit Records
        1. Lack of transparency
        2. Lack of awareness of issues
        3. Which issues impact on loan applications and perceived risk
      4. Management Accounts
        1. Income & Expenses
        2. Balance Sheet  (why this is important – Solvency)
        3. Debtors Age Analysis
      5. Cash Flows
        1. How repayments can be made and when
        2. Where future gaps sit
      6. Timing – last minute application rather than planning for financial injection
        1. Cost of last minute
        2. Comparison between loans
        3. Interest rates are negotiable (up to a point as they are linked to perceived risk)

About eBizRadio

eBizRadio is a live multi- platformed social media service providing an online forum to the business community for holding conversations on the key issues related to specific businesses as well as availing a space for cross-business collaboration in response to key issues affecting the world of business. The place to go if you want to know about business and lifestyle
Don't be shellfish...Share on Reddit0Tweet about this on TwitterShare on Facebook0Share on Google+0Email this to someoneShare on LinkedIn0
Author: eBizRadio


Please enter the correct answer: *

Register | Lost your password?