The cash to begin your business can from either your savings or borrowing.
In order to borrow money, you may need to apply for a small business loan. Banks frequently consider start-up business risky. This is due to the fact that there is no sales history as well as, the owners and managers, have no track record to evaluate. In order to determine if you can borrow money, a lender will want to know several things about you. Please answer these questions to the best of your ability.
- Of the total amount of Capital (cash) required to start your business how much will you contribute?
- Do you have collateral to offer the bank? Please list your collateral.
- How would you assess your credit history? (excellent, good, fair, poor)