Business Loans

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What is a business loan?

A business loan is specifically intended to be used for business purposes. Like a mortgage on a residential property there is a debt created that has interest added.

Business loans are split into two categories. The first type of business loan is to start up a new business and the second type of loan is to buy an existing business.

With the thought of entering into business ownership you need to consider the many requirements needed to qualify for a business loan:

Do I have history of experience within the industry?
Do I have capital for start-up costs or will I need to borrow the full amount?
Do I have cash flow to support the business in the early days before profits are generated?
Do I own my own home and do I have enough equity to fund the business?
Do I have good banking and home loan history?
Do I have a business plan?
What are my business goals and future projections?
How do I register the business?
Have I spoken to a solicitor and an accountant?
If I am buying an existing business - are the financials available?
Am I buying goodwill within the cost of the existing business?
What lease options are available with the property that the business is going to be operating out of?
As an existing business are my accounts and tax up to date to present to the bank?
I own an existing business but want to expand to take it to the next level and need to borrow funds to do so?

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