How to get loan from bank for small business

How to take loan from bank for business - Next week's article, i will discuss the presentation of financial statements that banks look at to determine the risks involved with lending to businesses, and i'll break down each individual element within those financial statements to hopefully increase your chances of landing a bank loan. When it comes to irs liability, the banks want to make sure there isn't a significant amount of taxes due, because the irs is incredibly efficient at collecting their money before the bank gets a chance to collect payment on their loan. I was really disappointed when i needed my company's first commercial bank loan to finance receivables of more than million—from well-known distributors no less—and we ended up having to sign a lien on our family home to get the loan. For example, when you pledge accounts receivable to support a commercial loan, the bank will check the major receivables accounts to make sure those companies are solvent; and they will accept only a portion, often 50 or sometimes 75%, of receivables to back a loan.

How to get small business loans from banks, private lenders and microloan lenders

Take my full fundraising course and learn over 10 strategies to raise money for business ...