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What You Need to Do to Increase Your Chances of Getting a Loan from the Bank

Get the business finance or loan one of the common questions people ask is, what can I do to increase my chances of getting a yes from the bank. Now in the current climate, where it is tough to get loans from the banks, that’s a great question to ask. But you know what? there are things there are actions that you can take today that will substantially increase your chances of getting a bank loan.

Write a Business Plan

Gone are the days when you can go in and give a verbal presentation to your bank manager about what you require. A business plan, present all the information that a bank needs to know in one document. Yes, the interview is important, but the business plan really capsulate everything that the bank needs to know. So do spend an invest time in writing the business plan, the bank will want it. The bank will expect it.

Identity and Outline Risks Within Your Business

Identify the risks within your business and outline what you’re going to do to mitigate those risks. The Bank’s credit assessment framework is all built around identifying the things that can trip you up. If you get tripped up within the business, then it means that your ability to repay, is much reduced, so the bank is wanting to know what are those risks, but more importantly, what have you done to mitigate them. Now, the bank will probably be able to identify those risks themselves, but you’re going to come across as a much more credible business owner. If you identify those risks and address them head on. Don’t let the bank bring them up, bring them up yourself, and outline what you’re going to do in order to lessen the impact, should those risks occur.

Prepare a Financial Forecast

Now when I mentioned this to many business owners, the common objection comes back as to why you shouldn’t do financial projections, and that’s because they’re guesswork. Well yes, they are. But when doing financial projections, it’s not the end result that matters. It’s the process that you’ve gone along, in order to get to the final result in going through that journey, you’re forced to sit down and ask questions of yourself. It’s going to be questions all around how profitable is this really what if my payment terms change, what’s the impact going to be on my cash flow. The end result may show that your idea or your concept may not be as profitable as you first thought. So, it’s a worthwhile journey to go upon to set out and look what your projections show.

Prepare for an Interview

Now, you can just go in and win it, but that’s not going to work. You have to go in there, fully prepared. This is your one opportunity to show that all of the ideas that you laid out in your business plan, you can actually deliver on that and why you should be given the business loan. You have to sit back and think, what are the key questions I’m going to be asked. And more importantly, how am I going to respond to that. So before going in, sit back, have a think about the likely questions you’re going to be faced with, and then start formulating a reply in your mind as to how you’re going to deal with them. It is so vital that you get the interview stage right.

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Keep in Mind the Bank is Accessing You

Remember the bank is assessing you not the business. In the small business market, the bank is lending to you as an individual. The concept of the business in the small business market doesn’t really exist, It’s you. That will make or break your business. And that’s really the part, the whole reason for the interview process. The bank is wanting to look you in the eye and assess whether you have the ability to deliver on the promises that you’ve laid out in your business plan. So always remember the interview is your opportunity to sell yourself.

Conclusion

So here we are with five things that you can do to substantially increase your chances of getting a business loan approval from a bank or lender, it’s a different climate out there, but you must remember you have your part to play in order to help the bank manager help you. I hope you found this information helpful. Follow those five stages, and best of luck in your search for funding to help you build and develop your business. 

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Business & Finance

The First Bitcoin Futures ETF in the United States Could Launch on Monday, According to a Filing

According to a filing, asset management ProShares aims to launch a Bitcoin futures exchange-traded fund as soon as Monday, ending an eight-year wait for a product tracking the cryptocurrency on the US stock market.

Late Friday, the fund management submitted an amended prospectus for the Bitcoin Strategy ETF with the Securities and Exchange Commission (ticker BITO). The proposed debut of the fund, which would trade on the NYSE Arca Exchange and have a 0.95 percent management fee, is set for Oct. 18, according to the application. ProShares officials declined to comment. A request for comment from the Securities and Exchange Commission was not immediately returned.

According to sources familiar with the situation, the SEC is unlikely to prevent the products from trading next week, according to Bloomberg News. The fund’s launch will be the conclusion of a nearly decade-long effort by the $6.7 trillion ETF sector, barring a last-minute reversal. In 2013, the twins Cameron and Tyler Winklevoss, widely known for their role in the founding of Facebook Inc., submitted the first application for a Bitcoin ETF.

For over a decade, U.S. issuers have been unable to create an ETF due to regulatory concerns about anything from market manipulation to verifying ownership of coins owned by funds. In August, SEC Chairman Gary Gensler suggested that funds based on CME-traded Bitcoin futures registered under a 1940s legislation would be preferred, a position he repeated late last month.

This transparency resulted in a deluge of futures-backed filings. Four futures-backed Bitcoin ETFs might start trading on US exchanges this month, with deadlines approaching for proposals from Invesco Ltd., VanEck, and Valkyrie.

Retail investors seeking to ride Bitcoin’s frequently hair-raising ups and downs should be able to do so more easily with an ETF. It will trade on U.S. stock markets, similar to equities tracking oil and gold, rather than cryptocurrency or futures exchanges, whose workings are unfamiliar to some consumers.

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Bitcoin has risen sharply in recent weeks, fuelled by anticipation that a debut in the United States is in the cards. On Friday, the world’s most valuable cryptocurrency went above $62,000 for the first time since April, barely shy of its all-time high of $64,869 established earlier this year. Since its low in late July, Bitcoin has more than quadrupled in value.

Credit: Bloomberg

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Business & Finance

Kanye West’s Perfect Hoodies are now available to purchase

Kanye West may currently only be wearing all black Balencia clothing and balaclavas, but with his latest Gap clothing drop he’s counting on his fans still being interested in wearing a wide array of colors at a much more affordable price point.

The rapper released the second design from his brand Yeezy’s collaboration collection with Gap on Wednesday exclusively on gap.com/yeezy. The “perfect hoodie” made out of 100% double-layered cotton comes in both the black and blue colour ways that West has been wearing since he first announced his partnership with the retailer, as well as red, purple, brown, and mustard yellow. The tops retail for $90 for adults and $70 for children and will begin shipping in two to eight weeks in the United States only.

The first release from this collaboration cam in June when West debuted the $200 “round jacket” a sloped-shoulder puffer coat available in black and red. The rapper’s ten-year contract with Gap marks a return to his roots as he worked at one of the retailer’s Chicago stores as a teen. When Gap announced they were working with West, the brand called him ” a creative visionary” who is “poised to disrupt retail.” And apparently, the Grammy winner had made good on that promise as Gap CEO Sonia Syngal said during an August conference call. per CNN, that because of the Yeezy Gap jacket pre-orders, “We’ve had a much younger customer. We’ve had 75 percent of those customers being new to the Gap brand”

Source: Vanityfair

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HomeGoods’ new online store launches with decor, bedding, kitchen goods and more

You can now shop at HomeGoods without leaving the house.

While its competitors have had online stores for many years, the off-price home décor retailer launched an online store at HomeGoods.com Tuesday, which previously served mainly as a store locator.

“We are thrilled to bring a second way for our passionate shoppers to discover and shop an assortment they know and love,” John Ricciuti, HomeGoods president, said in a statement. “We hope our customers find the same excitement shopping HomeGoods online as they do exploring the aisles of our stores.”

The website has categories similar to HomeGoods 820-plus stores, including bedding, bath, kitchen goods, seasonal décor, storage and organization, and a pet department.

The site offers free shipping on orders of $119 and free returns on most purchases are offered at HomeGoods locations nationwide. There are some exclusions for in-store returns and returns can also be mailed back.

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The site offers free shipping on orders of $119 and free returns on most purchases are offered at HomeGoods locations nationwide. There are some exclusions for in-store returns and returns can also be mailed back.

HomeGoods is owned by TJX Companies, which also is the parent company of T.J. Maxx, Marshalls, HomeSense and Sierra. Marshalls launched its online store two years ago in September 2019 and T.J. Maxx and Sierra have had online stores.

The selection at HomeGoods varies by location and by the day, making shopping at stores like a treasure hunt.

“We believe this is something our existing customers have been waiting for and is another way for us to attract new shoppers,” Herrman said during the company’s Aug. 18 quarterly earnings call with analysts.

Source: USAtoday

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