October is Financial Planning Month, and financial planning is as important for your business as it is for your personal finances.
Are you thinking about starting a business or are you already a business owner? You will probably need money for your business at some time. So, what do you need to do to prepare for a meeting with a lender to talk about a business loan?
A business plan that answers the important questions – what, why, who, how, when – is important to present to a lender. Showing your knowledge and ability to run the business, and being able to demonstrate how the business will make enough money to pay back the loan is key.
Thinking about the 5 C’s of Credit will also help you prepare for a conversation with a lender. These 5 C’s delineate the information a lender is looking for in a business to determine the creditworthiness.
For more information and resources for your business, visit our Small Business page.