PowerPack

• Business growth
• Instant cashflow solutions
• Small business funding

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Power Pack offers sound advice when it comes to small business funding

Sure, the only thing you’re concerned with now is you and your business, but it’s thanks to the lender that you’ll be able to get started in the first place.

In knowing that, it’s common practice to ensure that there’s something in it for the lender – naturally.

This usually needs to be depicted in the form of a percentage rate of return. Ensure that when you draw up your business plan, this return on investment is clearly stated, and be certain you’ve chosen the best online lender to suit your needs.

Power Pack offers sound advice when it comes to small business funding.

Step 1:

Draw up a proper business plan. This is also something Power Pack can give you advice on. Don’t even continue this journey without a solid business plan for your small business.

This plan is the first impression you give any lending firm when you wish to apply for finance. Your financials, objectives, cash flow projections, and staffing plan are all crucial for a lender to assess before even considering you for finance. This is always your first step, so take your time and do it right.

Step 2:

Contact Power Pack so they can put you in contact with a suitable lender that might be able to assist you with your start-up business loan.

Step 3:

You can then apply for your loan with a reputable lender while having the advice and guidance of Power Pack in your corner.

After you have elaborated the terms and desires that your small business will operate on and how everything is going to be put to use, you will need to convince the lender through your business plan that you are capable of repaying the business loan through the term of your new profitable business.

Step 4:

Upon approval, you’ll need to sign the loan agreement to proceed with receiving the funds for your exciting new venture.

Another important rule – be prepared to contribute financially

Do you have assets? Assets that lenders will view as plausible collateral? If so, make sure that you are contributing these so as to secure the small business funding you're in need of. There are a number of government-sponsored small business loans and grants that demand an applicant contribution, even at times a small percentage of the business.

Banks can be sticky when it comes to the risks involved with funding certain ventures. That’s why it’s vital that you prepare adequately for your application for finance. As soon as a bank sees risk, they tend to turn down loan requests.

It’s best to ensure you have your personal credit history in order before applying, a sound business plan, experience in the field in which your business is, and the feasibility of the business you’re starting up or otherwise growing.

Capital needed to start my small business

An SME survives on cash flow. If you don't have this simple yet crucial aspect in place, you will struggle. Ensure you have a healthy start-up capital and request enough funds to invest wisely. A contingency plan is a fundamental plan to have in the event of an unforeseen issue.

Understand what the funds are for in your small business  

Be prepared to provide detailed information regarding the use of each and every rand that you apply for. If it’s required for staff or marketing, assets, etc., just make sure you break down all the funds alongside each of the required operations for your business.  

Get all the help you need from Power Pack

Give Power Pack a call for them to guide you in the right direction in terms of the best business loan lenders in the country as well as answer all the questions you might have.

Benefits of having Power Pack in your corner

• Proper financial and business advice.
• Ongoing guidance.
• All the tips and tricks to make your business a success.
• Friendly staff that is always ready to assist with whatever it is you need.