Small business loans can be key to getting things off the ground or expanding your operations. Here are Mozo's top tips to nail the application process.
- Having a relationship with a bank is a good step towards securing a small business loan. This could involve a package of accounts for your small business, or even a history of personal banking.
- Your bank record is vital to your application status, and you'll need to avoid overdraws or exceeding credit limits, bouncing cheques, and preferably keep your bank balance up.
- Your personal credit history will also be taken into account - so again, no unwieldy credit debts.
- On the business feasibility side of things, lenders will look to factors including:
- your experience
- your business plan
- your personal stake: having your own money in the business
Search the small business loan market with ease for the best deals in seconds, or look into small business overdrafts for an alternative access to business funds.