If you have been to the bank to get a business loan to start a business or for funding for your existing business you probably approached them with a business plan and possibly a marketing plan or outline. Every business plan has part of if not all of a marketing plan included. If you were denied your loan, part of the problem could be that you didn't explain or elaborate enough on how you were going to pay back the money you want to borrow.
Your business plan tells the lender what you are going to do for a business, and the marketing plan tells them how you are going to obtain new clients and make money. Your credit plan or credit policy tells them how you are going to get paid, in order to pay them back. The credit plan will also tell them what you will do if you do make sales and don't get paid. This can put a bankers mind at ease, while showing them that you are serious about your business and about paying them back.
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Approval of any loan is based on many things, one of the most important being on how you present yourself and your business. A well written business plan is the first step, and will give the lender an overall picture of your business. Make sure you include a credit history or if you have poor credit, get copies of your credit reports and fix any errors and pay off any debts before approaching a lender.
You can expedite the processing of your loan by providing the lender with as much relevant information that they need to make a decision right away. If they have to continually contact you for more information, your chances of approval go down. Banks will carefully and particularly look to see if you have a solid understanding of financial record keeping, business credit, the importance of collecting accounts receivables, inventory control and turnover and marketing. If you include a credit policy as well as a marketing plan or marketing plan outline with your business plan you will find that the lender will take you much more seriously and if they had any questions on your understanding of their being paid back will see that you have thought this through and have a plan in place to pay them back their money. That makes every banker happy; remember they make money by lending you money.
Remember, when you are trying to get someone to give you money, it is a hard job and the more thorough you are the better your chances. If you approach your lender with a professional looking business plan, that includes a marketing plan and a credit plan, your application will go to the top of the pile.
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