finance

[eequals]

You need to get two things sorted before you have any chance of getting a business loan or overdraft. The first is going to be collateral, the second is going to be what are known as the Campari rules. These are what any bank will use to establish whether or not a proposal represents a safe bet. To learn more take a look at:

http://www.figurewizard.com/article....with_ Campari

TKESSEX has a point too: Make sure that the business manager you are talking to actually knows something about business before you start.

Joe

[jfloans]

would i have a better chance if my parents were put as guarantors? thanks

[eequals]

If your parents were prepared to act as guarantors, that could well make the difference when it came to collateral. However your business plan is the key and there is a lot more to that than the mission statement.

It will be expected to carry not just your forecasts for sales, overheads, expenditure on fixed and other assets, profits and crucially, for your cashflow. Banks are rightly fanatical about cashflow because a business which runs out of cash is bust, regardless of whether or not it is making profits - Just look at Northern Rock. I hope my site can help you in this regard.

Your business plan, including the forecasts should be your own handbook therefore, so be cautious with your forecasts. It is not just a device for impressing a bank manager.

Joe