In this edited excerpt, the authors discuss the ABCs of getting a bank loan for your business. Many of the most successful businesses are financed by banks, which can provide small to moderate amounts of capital at market costs. Bankers primarily provide debt financing. You take out a loan and pay it back, perhaps in installments consisting of principal and interest, perhaps in payments of interest only, followed by a balloon payment of the principal. Bankers can usually be counted on to want minimal, if any, input into how the business is run.
Have a great idea but not quite sure how to secure a small business loan to get you started? Rather, many lenders are selective in which business loans they approve. Here are five tips to help you secure the small business loan you need. Expect the unexpected by creating a solid plan.
A key requirement for any business loan application is a business plan. Not only does it demonstrate that you have a clear roadmap for growth, backed by research, financial data, and product strategy, it will also ensure that your lender matches you to the right loan program, based on your needs, goals, and financial projections. But a business plan is more than that, it plays a functional role in your path to success.
Toggle navigation Clinical advice you can trust. You find yourself at a juncture where you believe you have an innovative ophthalmic product on your hands, one that could be of significant value to stakeholders patients, physicians, payors. You have sought input from experts and they agree you have something; the concept is solid, the data is supportive, the medical and market needs are clear.