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Michael Saltzstein: Securing a Loan for Your Business

 

Michael Saltzstein: How to Get a Business Loan



One of the harshest truths about wanting to own your own business is that not every person who dreams of opening a business has the money to set up a business. According to Michael Saltzstein, a lot of entrepreneurs depend on loans from banks or other credit sources to start their companies. Issues can arise in this process depending on several factors that determine whether their loan applications are approved or not.

Would-be business owners should apprise themselves of factors affecting the bank or creditor's decision in order to increase their chances. Michael Saltzstein looks at some of the crucial requirements for loans below.


Image source: istockphoto.com

A Decent Credit Score

For starters, if you want a loan, you need to have a good credit score. This is the first thing creditors look at from loan applicants.

A bad credit score could mean that the applicant had defaulted on several loans or has outstanding credit. A stellar credit score, naturally, gives an applicant a trustworthy image.




Image source: istockphoto.com

 A Solid Business Plan

 Myopic business plans that are not thoroughly   articulated won't cut it with loan granting agencies.   Rejection could happen if the applicant has little to   no experience in running a business. It's not enough   to have a product to sell.

 A solid business plan should consider all financial       aspects of the business, including logistics, payroll,   projected earnings, marketing costs, and utility costs.

The Right Lender

According to Michael Saltzstein, you need to know how to pick your lender.

Some creditors in your area might favor lending credit to specific businesses. Do your research. Learn about a creditor's history of preferring certain industries. This can save you a lot of time going out and meeting creditors.

Risk management professional Michael Saltzstein specializes in many business aspects. In the past, he optimized award-winning risk programs, economic strategies, reserving, best practices, and state-of-the-art coverage. For similar reads, click here.
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