Question

Stacy also wants to get a small loan to finance the purchase of a large batch of blueberries from Woody (for potential freezing) and hire one or two more employees for the bakery. Stacy visits several banks, but the loan officers all laugh and say there is no way a bank will give a loan to start-up, mail-order, gluten-free organic blueberry muffin business, at least not right now. Stacy has developed detailed financial statements showing that her company has very good financial prospects, but still no bank will lend to her. You personally do not want to lend her your own money, because you just don't have it to spare right now. What could Stacy do to persuade the bank to lend the money?

Answer 1

GIVEN THAT:

Stacy also wants to get a small loan to finance the purchase of a large batch of blueberries from Woody (for potential freezing) and hire one or two more employees for the bakery. Stacy visits several banks, but the loan officers all laugh and say there is no way a bank will give a loan to start-up,

Stacy can take following activities to convince the banks to give credit.

• Producing his own record of advance reimbursement and accreditation from FICO score organizations as a case.
• Production of security, for example, land, cash or steady resources for guarantee the banks about the money related state of self and the association.
• Proof of skill (, for example, some specialized capabilities or involvement with the equivalent or related field) guaranteeing the banks of the probability of accomplishment of the endeavor.
• Proof of good business situation for such business. This may incorporate the business information, government's reports or work of presumed organizations demonstrating the business situation, dangers and openings, anticipated pace of profits and generally maket notions over next barely any years.
• Realistic fiscal summaries for examination of degree of profitability and plan for reimbursement of advance.