fbpx

LETS GET DOWN TO BUSINESS.

Question :
How to get a business development loan to develop our accommodation and health business.

Question submitted 24/03/20 @ 07:38am
Industry: Tourism
122
VIEW
2
VOTE
  • The first person to talk to is your bank manager. Make sure you have your documentation ready (business plan, financial projections – even if it’s a first draft) because they will be extremely busy over the next few weeks and months and you don’t want to waste their time. But they are here to help you. Lending money is what they do!

    Peer review your B/plan before going to bank is advisable. Do you have any governance/mentor support around you?

    If the business is a start-up the usual rules apply and that is equity would be required for any setup costs…only funding available would be for working capital (overdraft) and asset financing for any big equipment purchases

    If property is involved different story and you could leverage up, based on usual development parameters

  • You must be logged in to reply to this topic.