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Plan your budget

Plan your budget – Before you apply for a business loan

With the use of precise and extensive research, you will be able to determine exactly what you need money for and how much you will need to finance your start up.

Planning is important

By doing so, you will be able to know exactly how much money you are going to need in the future. While you should have enough money to ensure that you are able to cover all your expenses, by budgeting you can determine the minimum amount you will need. By applying for the minimum amount you will need, you can improve your chances of getting your loan approved in comparison to your chances of getting a larger loan approved.

Tips for planning when applying for a business loan

  • Keep in mind that it is important that your lender can see that you have planned and know exactly where the money will be allocated to. Any lender will want to see that detailed planning has taken place.
  • Include all the information needed in full.
  • Ensure that you have covered all the business expenses you may encounter.
  • Always be transparent and convey all and any relevant information to your lender.

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