Bank loans: Four things to have in place before you apply
Posted: Tue 28th Jun 2022
Enterprise Nation Ireland's Access to Finance online events kick off this Thursday with Access to Finance: How to apply for a start-up loan.
Johnny Harte will chair a panel discussion covering what you need to consider when applying for a start-up loan, the benefits and challenges of securing funding for your business through a start-up loan, and how to apply for one.
As a warm-up to the free 45-minute event on Thursday 30 June 2022 at 2pm we've shared four tips to consider before asking for a bank loan.
What to consider before applying for a bank loan
Have a business plan
You're going to need a solid business plan. Make sure it tells the reader:
what your product is
who your customers are
what the market is like
who your competitors are
Having a solid business plan is your first toe in the door.
Get your books in order
There's no point in rocking up to the bank looking for a loan if your accounts aren't straight. Your target revenue figure has to come from somewhere, and the bank is going to need evidence of how you're calculating that figure.
Form a relationship with your bank
Before you approach the bank for a loan, make sure they know who you are and what your business does. Strike up a relationship with the bank's relationship manager and let them show you their products, once you've shown them yours.
Having the bank understand what you do and how you do it can be half the battle in loan negotiations.
Don't put all your eggs in one basket
If the bank doesn't approve this loan, your business is going to have to survive one way or another, so make sure you have a back-up plan.
Check out your other options and be ready to kick something into action if the bank decides to refuse your loan application. There's no time to dwell, you've a business to run.
Access to Finance: How to apply for a start-up loan
Small businesses frequently need support with managing money and accessing finance. Enterprise Nation has partnered with SBCI, BPFI and Sage to show you which funding options are available to you, and to help you gain access to them.
This Access to Finance event is for small business owners who want to learn more about start-up loans:
Learning objectives
In this course, you'll learn:
what to consider when applying for a start-up loan
benefits and challenges of securing funding for your business through a start-up loan
how to apply for a start-up loan
Get your free ticket for this event
Enterprise Nation is working with SBCI, BPFI and Sage to support 30,000 small businesses across Ireland with the information on funding options.
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