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Evaluation and Analysis
-- Part II
Before you set the wheels in motion toward your new loan, take a step back and evaluate where your company is financially today. In this section we've included a basic evaluation checklist to get you on the right track.
Preliminary evaluation checklist:
- Budget -- Write up a basic budget of financial needs - rent, staff, machines, research, etc. Also take into account income expectations. When will you start receiving money? How much
- Amount -- Estimate the amount of the loan you think you will need. What is your comfort level? Will you have enough income to pay back a loan
- Timing -- Decide when you will need a loan. Will it be immediately, in six weeks, or in four months?
- Credit history -- Do you have a good credit history? What about your business?
- Qualifications -- Are you qualified to receive a loan? Do you have collateral? Do you or your management team have experience in this type of business?
We'll cover each of these steps in some detail next. Let's get started.
Continue to: Part III: Evaluating a loan
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