The ability to obtain money when you need it is as necessary to the operation of your business
as is a good location or the right equipment, reliable sources of supplies and materials, or an adequate labor force.
Inexperience with borrowing procedures often creates resentment and bitterness. This Aid is designed to give the highlights of what is involved in sound business borrowing. It should be helpful to those who have little or no experience with borrowing. More experienced owner managers should and it useful in re-evaluating their borrowing operations.
Before a bank or any other lending agency will lend you money, the loan officer must feel satisfied with the answers to questions like:
- What sort of person are you, the prospective borrower?
- What are you going to do with the money?
- When and how do you plan to pay it back?
- Is the cushion in the loan large enough?
- What is the outlook for business in general and for your business particularly?
We answer all these questions and more in Simpay’s free eBook: Borrowing Basics for Entrepreneurs.
