Need some extra cash to take your business to the next level, but daunted by the loan process? You’re not alone. There’s a lot of paperwork and number-crunching involved.

Before you get started, remember that banks wants your application to succeed as the interest you pay is a vital revenue stream. So it’s up to you to make their job easy by turning up with a good business case.

Connect the dots for them. While banks are experts in money, they’re not necessarily knowledgeable about your area of business. Remember to present a clear story and demonstrate clearly how the loan will unlock business growth which will ultimately ensure the bank gets paid back.

When applying for a business loan, ensure you have:

• income statements and balance sheets for the past two years
• up-to-date financial statements
• business plans or project plans to show the direction your business is taking
• tax returns to verify your income statements
• bank accounts, also for verification

If you use cloud based accounting software, the platform will produce much of this information on demand, including:

• income and expense reports
• growth trends
• forecasts

Talk to us to get advice when applying for a business loan

If you’d like advice applying for a business loan let us know, we can help guide you on the right path and put you in a better business position.