In this week’s Pillars of Success, Daniel Carr, GM Small Business NAB, gives us the lowdown on the what, when and how of applying for business finance.
Carr says when applying for a loan it is vital to get your documentation right so that a lender can correctly assess your situation.
Do you have your business plan ready? Can you answer the following questions: What do you supply? What’s your potential? Where do you sit in the market? How is your cash flow? What security can you provide?
Carr suggests using a business loan calculator to accurately predict the amount you may need to borrow and consulting with a specialist business banker for more advice.
Watch the segment for more tips.