October 2014
Beginner
416 pages
11h 9m
English
Content preview from Starting a Business For Dummies, 4th Edition
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Part II
Making and Funding Your Plan
Addressing the Five Cs
Bankers like to speak of the five Cs of credit analysis, factors they look at when they evaluate a loan request. When applying to a bank for a loan, prepare to address the following points:
- Capacity: This is a prediction of the borrower’s ability to repay the loan. For a new business, bankers look at the business plan. For an existing business, bankers consider financial statements and industry trends.
- Capital: Bankers scrutinise a borrower’s net worth, the amount by which assets exceed debts.
- Character: Bankers lend money to borrowers who appear honest and who have a good credit history. Before you apply for a loan, it makes sense to obtain a copy of your credit report and clean up any problems.
- Collateral: Bankers generally want a borrower to pledge an asset that can be sold to pay off the loan if the borrower lacks funds.
- Conditions: Whether bankers give a loan can be influenced by the current economic climate as well as by the amount requested.
Head online and visit www.dummies.com/extras/startingabusinessuk for a free bonus article that looks at the measurable part of a business plan – the objectives.
In this part …
- Get the best legal structure in place.
- Write a winning business plan.
- Find out all about money – ...
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