Tips from a Banking Executive on How to Get a Business Loan - Anthony Punzone

1. Tips from a Banking Executive on How to Get a Business Loan You have a startup idea, but it will need more than ambition to make it a reality. You'll require funds. You might hunt for investors or borrow money from friends, but a local bank loan is still a popular choice. But before you put on a suit and call a bank, there are a few things you should do to boost your chances of getting approved- Anthony Punzone. Have a solid business plan in place A company plan functions as a map. It identifies your company, establishes objectives, and describes how you intend to achieve them. On a personal level, it provides a unified perspective and will assist you in managing your business. On a financial level, it informs bankers about your company and how you intend to create money. Determine your long-term business objectives "making money." Your banker will need to know about your expansion ambitions. Do you wish to double the size of your firm in ten years, for example? Expand your product line? Presenting your long-term business goals will help your banker determine if you can achieve those goals, as well as recommend the right products and services for your business, You need a vision for the future, not just a long-term goal of Bring the proper paperwork In addition to your business plan, you'll need to provide tax returns, bank statements, proof of personal and business insurance, letters of incorporation, trademark registrations, and any appropriate business licenses. Source : https://anthonypunzone.mystrikingly.com/blog/tips-from-a-banking-executive-on-how-to-get-a- business-loan-anthony-punzone