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9 things you must do to maximize your chances of obtaining a small business loan  by: Neil Best To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria. To vastly increase your chances of a successful funding application, you will need to present the following information: 1. The reason for the loan. The lender will be looking for something that fits within the normal range and expertise of your business. The amount may cover a number of items, so you will need to cover each. 2. The amount required, and the repayment term of the small business loan you want. (e.g. $10,000 term 5 years, payable quarterly). 3. Details of how you will repay the amount borrowed. For example, “From the increase in profits of reduced running costs of the Whizzbang Go4It” 4. Details of security you will be able to offer to the lender. This will act as reassurance for the lender. If you’re not prepared to put up some aspect of security, then why should they? 5. You will need to include your business plan which will serve to answer essential questions relating to management capabilities, information about the market you operate in. What kind of business you are in etc. 6. 3 Years financial statements. You will need to present quality financial information from your accounting software, preferably signed off by your accountant or tax advisor. 7. Latest Set of Management accounts. Again produced from your accounting software. 8. Accounts receivables (debtors) and payables (creditors) ageing reports. 9. Principals financial statements. – Particularly required if some form of security is necessary. If you are a new company, the emphasis is going to be on your business plan , and the security (also called collateral) you or your business can provide against the loan. You must take the time to practice presenting your case to the bank or lender to iron out any glitches. Practice on your colleagues and family (you never know, they might be so impressed, they'll invest or lend!). It may help to role play the lender and come up with as many pointy questions as possible. The more time you take the better your chances will be. (But remember, don’t fall into the analysis paralysis trap!) Good luck! About the author: Neil Best is an accountant with over 15 years experience in business finance. This article and other useful business finance information such as making effective business plans and sourcing and applying for business grants can be found at http://www.smallbusinessfinancetips.com/small-business-loans.html

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11/20/2008 03:05 PM

Chinese Accounting Lagging But Improving (Forbes)

Chinese accounting is often derided as imprecise or worse, but education and experience will make things better.

11/21/2008 03:02 AM

New Accounting Rules Put M&A Fees Under Spotlight (Law.com via Yahoo! Finance)

London law firms look set to face greater scrutiny on bills thanks to new accounting rules that mean M&A fees will directly hit clients' bottom line. The new regulations, drawn up by the International Accounting Standards Board and the U.S.

11/20/2008 10:08 PM

New Accounting Rules Put M&A Fees Under Spotlight (Law.com)

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11/21/2008 01:53 AM

New Accounting Software Enhancements Recommended And Prioritized By The AccountMate Reseller Channel And Their Clients (ITResellerOnline)

AccountMate Software Corporation shipped out their latest accounting software update, AccountMate 7.5 for SQL. Per AccountMate's on-going policy, this update included a significant number of enhancements and changes suggested by its reseller channel and their clients.

11/21/2008 01:11 AM

Familiar face takes over accounting business (Point Pleasant Register)

Diane Pottorff/photo Richard Walker, Carolyn Walker, Staci Sayre, Tammy Willet and Jeanne Sargent are ready to serve customers and their accounting, tax and financial needs. Walker purchased the firm, which is located at 2409 Jackson Ave. in Point Pleasant, from retired accountant Jim Rossi.

11/20/2008 04:11 PM

The Star will lay off 10 accounting employees (The Business Journal of Kansas City)

The Kansas City Star will lay off 10 employees in its accounting division sometime in February and outsource the jobs, Marketing Director Tracy Hazen said Thursday. (MNI)

11/20/2008 12:57 PM

G20 LOBBIED IN SUPPORT OF FAIR VALUE ACCOUNTING (Accounting Education)

Around the world at the end of last week there was lots of lobbying for accounting principles in the run up to, and during the G20 leaders meeting in Washington (starting 15th November).

11/20/2008 05:52 PM

Jay Hanson, Panelist at SEC Mark-to-Market Accounting Roundtable, Available for Interviews (PR Newswire via Yahoo! Finance)

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11/20/2008 10:42 AM

OVERSIGHT COUNCIL SUPPORTS ACCOUNTING BOARD’S APPROACH FOR VOLATILE MARKETS (Accounting Education)

Canada’s Accounting Standards Oversight Council (AcSOC) hasendorsed recent actions by the Accounting Standards Board (AcSB) to deal with financial reporting challenges caused by the extremely volatile conditions of financial markets....

11/21/2008 06:21 AM

Money in the Bank (Forbes)

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