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Banks usually have someone whose job it is to go through applications for business loans. These people have seen a thousand business plans, and they know what they’re looking for.Take along all your plans and any other supporting material you can put together. Make sure you present yourself at your most professional. Act like the most sensible and level-headed person you’ve ever met. This is, essentially, a job interview: the bank is interviewing you and your business to try and figure out whether it would be a safe place to put their money. Remember that they’re just like every investor, lending you money with the expectation that they will get it back, plus interest.Secured Loans.Of course, you’ll probably have a much easier time persuading a bank to lend you money if you put up something of your own as collateral in case you can’t pay the debt back. Some dodgy banks would really like you to secure your business loan on your house, since they know that the failure rate of start-ups is high and they’d really like to get their hands on it. Be cautious, in case you sign your life away. It is almost never worth starting a business if you can only get secured loans – you’re tying the business’ fortunes too closely to your own.Government Loans.

As part of the push to support small businesses, there are now many government bodies that will offer no-interest or low-interest loans to small businesses, a category which includes home businesses. The government lot will obviously be even more picky about your business plan, but it’s still a good option to have available to you. Even better, these loans will often come with free help and advice from the agency that issues them, as well as all sorts of booklets and leaflets telling you the technical details of getting startedCredit Cards and Overdrafts.
These forms of debt are a very bad idea. Whatever you do, do not finance your business with personal debt. You’ll have to make a massive profit just to pay back your debts, and it’s unlikely that you’ll manage to both pay them off and have enough money to live. If you can’t get a loan, try to find other investors instead.iends and FamilyFriends and family can be a surprisingly good source of loans to help start businesses, especially if they’re in the same industry themselves – they’ll be more than happy to help you get a foot on the ladder. You might be able to persuade someone to give you the money at a good rate of interest, or even to act as a ‘sleeping partner’, financing half of everything while leaving you
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