As much as lenders want you to be their client, especially given the size of your company, they will also want to know if and how you will be able to repay them. Here are some of the basic information that should be included in your business loan proposal to get the bank nodding your way. General Info: Business name, names of principals, Social Security number for each principal and the business address, Purpose of the loan: State exactly what the loan will be used for and why it is needed. Amount required: Request the exact amount you need to achieve your purpose.
About the Business: History and nature of your business: Give details of your business’s age, number of employees and current assets, as well as ownership structure. Investor Profile: Develop a short statement on each key stakeholder in your business. Provide background, education, experience, skills and accomplishments of each. Market Info: Clearly define your company’s products as well as your markets. Identify your competition and explain how your business competes in the marketplace. Profile your target market and explain how your business can satisfy their needs.
A good know-how of the industry you’re in will boost your chances of getting
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These would include physical geography, target markets, available suppliers, applicable national and local government regulations, communications infrastructure, and transportation. Businesses hunting for a location should consider if its needs can be handled by the labor market profile, economies of scale and even the history of a particular place. Primary sector businesses such as mining companies and farms have to be located in places where mineral deposits and fertile land are present, while secondary sector groups such as shipbuilders and brewers also have to consider similar natural resource factors to minimize transport costs.
Transportation infrastructure and financial incentives are among the key factors that come into play for companies looking for an ideal business location. Transportation infrastructure is crucial for firms whose operations require much physical movement of goods and services. Thus, manufacturers, particularly those operating on a global scale, need to consider the quality and availability of shipping, airline, airport, roads and accompanying costs in their target country.
The reliability of freight forwarding, cargo handling and delivery services should also be considered, specially for time-sensitive businesses. The regular occurrence of storms and other natural disturbances must be identified by companies, as this would delay shipments and affect customer satisfaction. A country should also offer financial incentives to encourage business investment. Special tax assessments or grants can be arranged by government to attract multinationals, including setting up ‘tax-free zones’ for global trading companies without the requisite paper work or extensive customs processing.
Similar concessions should also be planned by government for local businesses to avoid alienating them. Either way, the country is expected to receive a boost in terms of jobs growth. Once the target location is finalized, plans need to be presented to the city planning department or the local agency in charge of approving business proposals. An owner must be prepared to deal with environmental, tax and other regulatory limits prescribed for the target location. If applicable rules turn out to be unreasonably stringent, you might have to consider an alternative location.