7 Things To Consider When Applying For A Business Loan in Mississauga
When applying for a business loan in Mississauga, there are a number of factors to consider. Securing
capital comes down to being prepared and the following tips will provide you with a guideline to use so
that you are prepared. Here are seven things that you need to consider.
1. The absolute first thing to do is to prepare a business plan. Whether you are a brand new business or
one that has been in operation for years, a business plan lets the lender know that you are running a
credible, viable business. Your business plan needs to include everything to do with your business.
Include your goals, information about competitors, past and future revenues and expenses, an analysis
of your market and details of what you project your business' growth to be over the next several years.
2. You need to produce and have available, financial statements from the past three to five years and
produce statements to show your business' estimated revenues and expenses for the next few years.
Indicate how you will use new captial to help improve revenues and expenses.
3. Be clear when stating the purpose of and the total new capital you are seeking. Having your
requirements written down will make your request clear and easier to explain. If you need to buy new
equipment, provide a written report to the lender showing your research of costs and an analysis of who
you will be buying the equipment from. Showing this to your lender will demonstrate how serious and
prepared you are.
4. Check your credit report by contacting TransUnion and Equifax and request a free copy of your credit
report. Review your report carefully and have any errors or mistakes removed. Lenders will check your
report because they want to know they are lending to a financially responsible person.
5. When applying for a loan, the lender may require collateral for the loan. Prepare a list of assets that
can be used as collateral and bring that list, along with any proof of value for the assets, to your
meeting.
6. Do research to find out what a business loan will cost you and be sure to include these costs and
payments in any financial forecasting that you do. This sort of planning proves, once again, that you
have seriously thought out your request for capital.
7. Research all of your borrowing options to know which option may be best. Some borrowing options
are more expensive and have higher fees. The professionals at Matrix Mortgage Global can advise you
as to which option would be best suited for your needs.
If you are interested in learning more about getting a business loan in Mississauga, have any questions
about how to be better prepared, or would like to apply for one, contact Matrix Mortgage Global today.