Lenders and business plan
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konstantine
Apprentice
Joined: 12 Apr 2006
Posts: 7
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 Posted: 11/28/09 - 10:31 Post subject: |
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| Me and my wife are very seriously thinking of setting up our own business. We are fed up with our jobs, and know that we have the skills and experience to start for ourselves. In order to get off the ground, we will need to get a business loan from a bank. I have been told that to get this we need a business plan. How does this work? |
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wainwright
Apprentice
Joined: 11 Nov 2007
Posts: 4
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| Posted: 12/28/09 - 03:53 Post subject: |
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| Lenders know that more attempts to set up successful business fail than succeed, and they want to know that they will be getting back the money they lend you, plus interest of course. Therefore you will have to be able to show them an effective strategy for making profit, or at least breaking even and being able to meet the lender's repayments. If they are convinced you have the right strategy, they will happily take part in the success of your business and lend you the funds you need! |
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