- Trading history: Need to have been operating for a certain period (generally 3-6 months)
- Certain amount of turnover (revenue); You will need to present your turnover (either monthly or yearly)
- Business profits and personal income (business’s financial position)
- Financial history: Bank statements, sales records, etc
- Collateral: This is in case you are unable to repay the loan (security). This may lead up to your personal assets.
Other questions that may be asked:
- Purpose of the loan
- Amount that will be borrowed and when by
- Preferred repayment plan
- If running a new business (less than 1 year), the business may need to provide cash flow projections, a business plan, lease agreement etc.