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Funding Your Business	414
Small Business Loans	340
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There is a stage within every business, at which point an injection of new capital is required; this might be to fund an expansion, to fund the purchase of new machinery or even for use as working capital; whatever the purpose though, your chances of securing this additional finance are slim without some prior preparation. Keep in mind that lenders are in the business of lending money; the business loan that you want is there for the taking if you do your research and present yourself well, so here are some of the main points to look out for when going for that loan.

• In order to present a confident and persuasive case for your business loan, you must have a very clear idea about certain salient points. Be sure of why you actually require the loan; explain upon what the loan will be spent; be ready to show that your business can afford to take on the extra commitment and to demonstrate a repayment schedule.
  
• Be prepared to show copies of your accounts, order book and existing credit arrangements together with business plans and cash-flow projections. You may also be required to show your personal tax returns. Likewise be prepared to answer any questions relating to the way your business or arrangements are structured. Even if the bank’s questioning appears to be somewhat critical keep in mind that they have to ask certain questions to assure themselves of the merits of issuing a loan; a cool head and some prior research could make the difference between getting the loan or failing to do so.
  
• There are various types of financing besides traditional bank loans; your bank may make suggestions regarding which types might be better suited to your needs; be open and give these due consideration.
• Be aware that the best rates available for business loans are usually from the high street banks; these also have the most stringent criteria to meet.
• Be aware that the bank issues business loans only after undertaking a risk analysis. A bank will usually require some form of collateral, perhaps a property, a guarantor or even a charge on investments; have details of these ready.