Sponsored - The benefits of owning a business are many – being your own boss, controlling your future, creating your own flexible hours, taking risks but reaping the rewards and feeling a sense of pride in building something of your own.
Many small business owners use financing to make their dream of ownership become a reality. While it’s crucial to perform market research and competitive analysis, create a business structure and find a prime location, your business will not get off the ground without financing.
In order to apply for a business/commercial loan, you must have:
- Business plan – a roadmap for your business from ideation to implementation and day-to-day operations
- Business loan application – provided by the lender
- Personal financial statement – information about total assets and liabilities