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How do I apply for a business loan?

You need money to start a business. To obtain a business loan you need to look for financiers. These financiers usually do not just lend money. Therefore, spend sufficient time and attention to prepare your application for financing. After all, good preparation increases the chance that you will get the business loan.

Step-by-step plan for applying for a business loan

Are you an entrepreneur and do you need money to start a business or to realize your expansion plans? Then you need to know which steps you need to take to obtain a business credit from a bank or another financier.

  • Insight into your own credit requirement. Do you have to finance the entire investment with the business loan, or do you perhaps have enough money of your own to finance the investment part yourself? It is important to carefully calculate your credit requirement, so the amount to be borrowed, because the request of less credit than you actually need makes a bad impression.
  • The request of quotations. You can request quotes from various banks and other financiers. The request for a quote often takes you no more than a few minutes and does not commit you to anything. By comparing the various offers, you can determine from which bank or other financier you actually want to request a business loan.
  • Providing the requested information. Of course you have ensured that your administration is in order. That is why you can also provide the information that the bank or another lender needs to assess whether you are eligible for a business loan. You must provide information about the investment. Make it clear what you need the money for, for example by showing an appraisal report of the new business premises. You must also be able to demonstrate that you are able to recoup and repay the loan amount. You must therefore provide details that provide insight into the financial performance of your business, such as the profit and loss statement and balance sheet for the past two years, your income tax return for the past year, and your forecast for the next one and the year ahead. The bank or other financier can also ask for all kinds of documents, such as a business plan, a debtor overview and the order book.
  • The bank or other financier must assess whether you are eligible for a business loan. With banks, the application process can take weeks or even months. With other financiers you will often be informed within a week, or even within a few days, whether you are eligible for a business loan. Looking for other financiers to request offer sets and take out a business loan? Then in any case look at the comparison page .

What are the conditions for qualifying for a business loan ?

The conditions for qualifying for a business loan are not fixed. They can differ per financier. For banks, a BCR registration in your name is a reason not to accept your application for a business loan, while there are other lenders where you can take out a loan. There are also financiers who provide you with a business loan without having to show the annual figures of your company, or without having any collateral.


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