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June 2008
BUSINESS BUYER
TIP
The
ABC's of Getting a Small Business
Loan
Article Courtesy of CIT Small
Business Lending Corporation
Be prepared to provide the prospective
lender with financial information to evaluate your
qualifications for funding. The best way to prepare is
to first look at the process from the lender's
perspective.
Most financial institutions require three
consecutive year-end tax returns, financial statements
and interim reports. Occasionally, exceptions will be
made for younger companies if they have a fair share of
unencumbered assets and a quantifiable market. You will
also need the following documents:
- Balance sheet
- Profit and loss statement accounts
- Receivable and payable aging
- Debt schedule
- Management's discussion or analysis of
operations
- Projections for the coming 12 months personal
and business tax returns
All of this information will be reviewed by the
lender to determine available cash flow, trends in
assets, liabilities, working capital, total debt and net
worth. The lender will also want to know if the
statements have been prepared and audited by a certified
public accountant. The lender will review your company's
cash flow, history of profitability and related factors,
including:
- How well has the business been managed in the
past?
- How does your business measure up to industry
norms?
- How well have you managed your assets?
- What are the projections for the future?
- Are there sufficient funds to cover future debt
service or interest payments?
If your financing need is to start a new business
or expand existing operations, the lender will want to
review your business plan. Unused and available bank more
>>>
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B I Z B U Y S E L L '
S L O A N C E N T E
R
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VR
Business Brokers Franchise
Capital
Required:
$50,000
Support/TrainingAvailable
Financing Available
In
1979 VR set out to revolutionize the way businesses
changed hands. Today VR is the innovative leader in the
sale of privately held companies. With diligence and
expertise, a commitment to internal education, and
unsurpassed professionalism, VR is proud to have sold
more businesses in the world than anyone. Click here to learn more about
VR
Smart
PC Solutions, Inc.
Location:
Relocatable
Asking Price:
$1,200,000
Gross Income: Not
disclosed
Year Established:
2006
Smart PC Solutions, Inc., a developer of easy to
use system utilities, seeks a stategic partner for a
possible merger or acquision deal. Your subscribers will
regain control of their PCs and save time using the
Smart PC Solution, named in the PCWorld 101 Fantastic
Freebies list in 2007. Learn more about Smart
PC
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