December 06, 2001
By: Bev Dodd
Business loan bad credit: Flexible terms, understanding lenders
Carefully evaluate your needs when you apply for a business loan bad credit loan. One very important factor with your business loan bad credit is your cash flow projection statement. We'll discuss this more below.
When you put your business loan bad credit ideas together, carefully evaluate your needs and purpose for borrowing funds. Consult your accountant to help prepare projected cash flows to determine your estimated future revenues. Never tell a lender that you want to borrow as much money as possible. Rather, you should have a specific amount in mind and the paperwork to show why you need it and how you will pay it back. Realize that you or your company will be required to finance a portion of the project costs.
One crucial factor with a business loan bad credit is your cash flow projection statement, which gives the lender an idea of how quickly the loan will be repaid. Any lender is going to require a cash flow projection for each month for the next year and probably annually for the next few years. To prepare a cash flow statement, talk to suppliers, trade associations, or people in the same business to gather realistic estimates that you can use in your projections.
Individuals who have a poor credit rating search desperately for ways to re-establish their credit. The following are ways in which a person can borrow money for a business loan bad credit or if you have no credit. Find a co-signer for the loan. That co-signer would carry the risk of having to pay the loan if you default on payments. Take out a loan providing your assets as collateral, if you default on payments.
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