Initially, the lender will ask three questions:
- How will you use the loan?
- How much do you need to borrow?
- How will you repay the loan?
When you apply for the loan, you'll be asked to provide projected financial statements and a cohesive and a clear business plan. Your business plan will include the name of your company, location, production facilities, legal structure and business goals. A clear description of your experience and management capabilities, as well as the expertise of other key personnel, will also be needed.