What Entrepreneurs Must Have Before Looking for Grants or Loan

Filed in Business, Business Ideas by on June 25, 2019 0 Comments

What entrepreneurs must Have before looking for grants or loans will be explained in this article. This will guide you to get loans or grants.

Except you intend going very locally, you will get to a point in your business where you will see the need to expand both in structure and the products or service you deliver and sometimes when entrepreneurs get to this point, they usually look out for loan or grants.

Read Also: How to Start a Loan Business in Nigeria

What Entrepreneurs Must Have Before Looking for Grants or Loan

What Entrepreneurs Must Have – Photo Source: https://www.wbl.com

The truth is simply that before a loan is given to you either by an individual, NGO, Angel Investors or Capitalists, you will need to meet some of their requirements without which you will not be given the loan you ask for.

This article has been carefully written to bring to light some of these things. All of them are so important not just to get a loan or grant but for the overall growth and success of your business.

Read Also: Partnership in Business

What Entrepreneurs Must Have Before Looking for Grants or Loan

Here are What Entrepreneurs Must Have Before Looking for Grants or Loan:

1. Know Your Onions

If a company is issuing out loans or grants for the growth of a business idea, one of the things they will look out for is someone who really knows what he or she is doing.

No one wants to throw away money and this includes those who will be giving out the loan that you ask for. Understand the pros and cons of the idea or business that you are currently involved in. It will help you get one step ahead of your customers and competitors.

Read Also: Tips for Finding Business Investors for your Business

2. Start something already

No matter how small, investors love what is visible and not just an idea. Don’t just submit a proposal or application for a loan or grant when you have started nothing.

What you have at hand will usually boost the morale of your investors consciously or unconsciously. You may not have the structures in place, just start something somehow and help will come from there.

3. Track your income and Expenses

One of the most important things that investors will look out for before funding your business is your financial statements.

Make sure that your financial statements are up to date with nothing missing. It is from the financial statements that investors decide who is really serious with his or her business or not.

Read Also: How to Open a Business Bank Account

4. Register Your Business with relevant agencies

With many uncertainties around the business world, registering your business gives investors or any person that wants to partner with you the assurance that you are really ready for business and you are not a scam. Most loan or grant-giving organizations will not attend to you if you do not get registered.

5. Have a Business account for your Business

Even if it is just an idea, open an account for it. If you are to accept business grants, no one will pay into your own personal account, they will love to deposit and even write a cheque in favour of an account with a business name.

6. Write a good business plan

Although it could be time-consuming and very strenuous to write a good business plan, the advantages of a good business plan cannot be overestimated with time.

You need it to access loans and grant and apart from that, a good business plan will help you see where you came from in the business, locate where you are and creatively get to where you want to get to.

Other things to consider when seeking loan or grants are:

  1. Develop a good website for your business.
  2. Look for organizations that give loans and grants.
  3. Create a good presentation for your business, one that will not bore the investors

Read Also: Essentials of a Successful Business

Conclusion

Be sure that you are not selling smoke in your presentation. If you cannot write a good business plan or presentation, pay or hire someone to help you do it. You just need to put all hands on deck to get the desired loan or grant.

Good Luck!

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I am Wisdom Enang; a Writer, Editor, and Publisher. To do businesses with us, reach us on our email or connect with me personally by clicking on Facebook.

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