Dealing with the bank

By Drum Digital
11 December 2013

Getting a business loan.

Draw up a solid business plan

A business plan mirrors your understanding of the business you want to venture into. Your analysis with regards to the market and prevailing business environment, operational plan, management team financial projections and so forth should be reflective of your readiness to exploit the opportunity at hand.

Think carefully about your business

However, the business plan itself is only the first step through the door. Before they can consider giving you a business loan, financial institutions also want to know that your business is reputable, if your business is based on a sound model and how much of your own funds you can invest (At least 50% is the required minimum on average) Do you have any collateral to back the loan? These are some of the critical issues that you should address before visiting the bank.

- Business analyst, Nono Vilakazi

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