Experience: Convey all related experience – either in your sector or in owning a business.
Planning: Business owners who have planned for their growth (timeline, future expenses, developed a marketing plan, business projections, full business plan, etc.) are often more prepared for financing. Additionally, business owners who have a proven revenue stream or a well thought-out business plan are better able to submit a strong application.
Owner’s Contribution: The more a borrower has personally invested into the business, the stronger the loan application.
Collateral: The higher the total value of all pledged collateral (business assets, personal vehicles, etc.), the stronger the loan application.