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How to Get Your Business Ready to Receive a Loan

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Manage episode 360358667 series 2435982
Content provided by Shelagh Cummins. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Shelagh Cummins or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

“Sit with your bookkeeper or accountant, and look at what’s feasible for you to borrow, vs. where that investment is going to go.”

- Shelagh Cummins

Is your business loan-ready? Growing and scaling successfully requires that you make key investments into your business. Seeking a business loan can feel intimidating — but you may find that the process feels a lot more comfortable when you take some time to prepare!

For example, creating a relationship with your potential lender or lending institution beforehand will not only help you feel more confident in asking, but will help the lender feel more comfortable with the idea of giving you a loan.

In this episode, you will learn how to prepare your business for your loan application, from keeping your books in order to ensuring that your credit scores are kept separate. If getting a business loan is on your To Do List for this year, then grab a pen and a notebook, and press play!

In‌ ‌this‌ ‌episode of the Road to Seven podcast,‌ ‌you’ll discover:‌ ‌

  • What you should be doing in your business during the months leading up to your loan application
  • How to create a basic business plan
  • Online tools that you can use to keep your financials organized and generate necessary reports

Highlights:‌ ‌

00:53 Intro

02:02 Have your financials in order

04:59 Look at what you’ve been given

05:49 Know your credit score

07:00 Taxes & loans

08:23 Have a business plan

09:08 Personal collateral

11:07 What you can afford to borrow

13:27 Different types of loans

14:34 Interest rates

19:45 Conclusion

Links:‌ ‌

Capital Access Program

https://www.theroadtoseven.com/capital-access-program

https://www.theroadtoseven.com/investors

To work with me and make your next power move, visit:

https://theroadtoseven.com

Stay Connected

Like what you’re hearing? Click here to subscribe in iTunes for more episodes to boost your Road to Seven today! I have more episodes with great tips and conversations with women that are revolutionizing the way we do business - don’t miss it!

You can also join the Road To Seven Facebook group to meet other like-minded entrepreneurs who want to band together and help each other rise up.

I would be really grateful if you left a review on iTunes so that others can find and boost their business too! Just click here to review, select “Ratings and Reviews” and “Write a Review” I’d also love to hear what your favourite part of this episode is in the comments below. Thank you!

Follow me!

Instagram: @shelaghcummins

Twitter: @shelaghcummins

https://facebook.com/ShelaghCummins

https://linkedin.com/in/shelaghcummins

  continue reading

189 episodes

Artwork
iconShare
 
Manage episode 360358667 series 2435982
Content provided by Shelagh Cummins. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Shelagh Cummins or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

“Sit with your bookkeeper or accountant, and look at what’s feasible for you to borrow, vs. where that investment is going to go.”

- Shelagh Cummins

Is your business loan-ready? Growing and scaling successfully requires that you make key investments into your business. Seeking a business loan can feel intimidating — but you may find that the process feels a lot more comfortable when you take some time to prepare!

For example, creating a relationship with your potential lender or lending institution beforehand will not only help you feel more confident in asking, but will help the lender feel more comfortable with the idea of giving you a loan.

In this episode, you will learn how to prepare your business for your loan application, from keeping your books in order to ensuring that your credit scores are kept separate. If getting a business loan is on your To Do List for this year, then grab a pen and a notebook, and press play!

In‌ ‌this‌ ‌episode of the Road to Seven podcast,‌ ‌you’ll discover:‌ ‌

  • What you should be doing in your business during the months leading up to your loan application
  • How to create a basic business plan
  • Online tools that you can use to keep your financials organized and generate necessary reports

Highlights:‌ ‌

00:53 Intro

02:02 Have your financials in order

04:59 Look at what you’ve been given

05:49 Know your credit score

07:00 Taxes & loans

08:23 Have a business plan

09:08 Personal collateral

11:07 What you can afford to borrow

13:27 Different types of loans

14:34 Interest rates

19:45 Conclusion

Links:‌ ‌

Capital Access Program

https://www.theroadtoseven.com/capital-access-program

https://www.theroadtoseven.com/investors

To work with me and make your next power move, visit:

https://theroadtoseven.com

Stay Connected

Like what you’re hearing? Click here to subscribe in iTunes for more episodes to boost your Road to Seven today! I have more episodes with great tips and conversations with women that are revolutionizing the way we do business - don’t miss it!

You can also join the Road To Seven Facebook group to meet other like-minded entrepreneurs who want to band together and help each other rise up.

I would be really grateful if you left a review on iTunes so that others can find and boost their business too! Just click here to review, select “Ratings and Reviews” and “Write a Review” I’d also love to hear what your favourite part of this episode is in the comments below. Thank you!

Follow me!

Instagram: @shelaghcummins

Twitter: @shelaghcummins

https://facebook.com/ShelaghCummins

https://linkedin.com/in/shelaghcummins

  continue reading

189 episodes

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