How do I put together a business proposal to secure a bank loan?
My uncle was renting a space on a retail lot that has other working businesses. My uncle recently passed away, and the owner has offered the entire lot, along with the storefront and an extra parcel of land. I would need a bank loan to acquire it. I have never written a proposal for a loan before and need help.
SO that is great chance for you to get involved in business i would say that you should investigate why owner is offering you whole lot and for acquiring that you should need to have your business road map and cause it is already a runing business you must apply yourself and i think it is not a taftest ask to get a loan from bank
No money lending banks would finance a proposal for a business that is yet to start operation. This is due to the unknown risk involved. However, if you already have a business you are running, securing a loan might be easy if you the following documents.
1, Your business plan.
2, your financial statements for at least three previous years to date.
3, The cash flows of the proposed business.
4Guarantee for repayment.
However, to secure a bank loan for an entirely new venture, you will need to prove to the lenders that you have the required acumen to carry out or run the proposed venture. secondly, you will need to provide a guarantee of repayment. Hope this answers your questions?