Prepare Yourself And Your Business For Securing Funding
Funding is an imperative and indispensable constituent for every business, irrespective of the businesses’ type and size. The importance of money for starting a business and expanding it cannot be overstated enough. Money is needed to buy stock, manufacture the product, register the business, create a website, advertise the business, pay the salaries, deliver the goods, purchase an office space or a manufacturing unit, and for several other purposes. Money is vital for every stage and step of the business and the most suitable way this money can be procured is through funding.
Need For Funding
As mentioned above, securing funding is essential for every business and at each stage in the developmental journey of the business. A new business requires funding to start the business, lease or buy the business premises, purchase new equipment, advertise the business and for day to day business such as salaries, electricity and water bills and other miscellaneous expenses. An established business looks at securing funding to expand the business or to acquire another business or for debt restructuring or to develop, market and advertise new products or move to new premises.
Now that it is established that you, as an entrepreneur, need funding at every step, the next important aspect is securing funding for the business. This funding can be obtained either as borrowings from friends and family or through your savings. But the most recommended and reasonable option to obtain funding is via loans from banks or NBFCs (non-banking financial companies).
However, securing funding from these institutions requires thorough preparation, such as creating a loan application proposal, compiling the necessary documents and also preparing for the interview with the lending authorities. These are crucial elements that can decide whether you will be successful in securing funding or not. Therefore it is very important to prepare a detailed proposal as well as to prepare yourself thoroughly in order to successfully obtain small business funding.
Prepare Your Business For Funding
The business can be prepared for small business funding via the creation of a loan application proposal. A loan proposal is a document used by prospective borrowers to apply for a loan and includes details such as the amount of money you want to borrow, why you want to borrow, where will the borrowed amount be utilised, how the amount be repaid, and other essential information.
There are several requisites that need to be included in the proposal such as the objective of the business, the operational details of the business, the business plan, the details of present and likely expenses, etc. A few of the requisites to include in a loan proposal along with the format can be found here.
Once the business is ready to obtain funding, the next crucial step is to prepare oneself as an entrepreneur to apply for funding.
Preparing Yourself For Securing Funding
Along with submitting a proposal while applying for a loan, entrepreneurs also need to prepare themselves for the interview with the loan officer. Preparing for this is as important as creating a thorough loan application proposal while securing funding. This preparation includes being familiar with the type of questions likely to be asked, how to answer them and the information to keep handy.
Wouldn’t it be a boon if someone could help you with this entire process, especially preparing you for the lender’s interview?
deAsra’s Business Loan Sarathi package offers expert consultation that assists entrepreneurs to prepare for a lender’s interview. This helps improve the chances of securing funds, along with preparing a project report.
Benefits Of Business Loan Sarathi
The Loan Sarathi package will help you in securing funding. Apart from that, the package has other advantages too, such as-
- It helps create a detailed and thorough project report. The report is created in the format required by funding institutions to process business loan applications.
- Along with the report, the package also provides expert one-on-one consultancy to help entrepreneurs understand the proposal. The consultancy also helps entrepreneurs prepare for the lender’s interview.
- The consultation will also guide entrepreneurs regarding the type of questions asked by lenders or bankers.
- The package also provides better insight into funding-ready proposals and securing funding.
- Lastly, the package provides all of these services at an affordable price thus making it cost-effective.
By selecting the Business Loan Sarathi package you are offered the following-
- Assistance with project report creation and viability assessment
- Documentation sequence for the fund ready proposal file
- Telephonic support to resolve lender queries on the project report
- Expert consultancy including guidance on the preparation for the interview
So, go ahead and make yourself and your business ready and increase your chances of securing funding from financial institutions through deAsra’s Business Loan Sarathi package.