See how an equipment loan helped Melbourne business Recyclable Packaging save money, reduce costs and boost profits.
Applying for finance or a business loan can be a complicated process, especially when it comes to knowing what the bank’s looking for.
Kochie and NAB’s GM of Small Business, David Bannatyne, have broken the requirements down to help you better understand the process.
The more information you can supply around you and your business the better is the rule when it comes to business loans. David talks about some of the essential information you’ll need to bring along when applying for a business loan.
Get it right first time with four key things. Information that will enable us to get you the right loan for your situation.
A business plan
- What do you supply?
- What’s your potential?
- Where do you sit in the market?
- How well do you understand the market?
Cash flow projections
- How much cash is coming in?
- How much cash do you need to run the business? (Pay wages, etc.)
Details of your security
- Documents that show ownership of assets, such as residential premises.
- Any other assets, including stocks and shares.
Statement of position
- What do you own?
- What do you still owe?
- What’s the net difference?