Sometimes loan applicants will apply for a loan to fund multiple projects, equipment, events, etc. This is difficult for a loan committee to approve because it is hard to determine the impact of the loan. It is easier to look at the impact of one new salesperson, one piece of equipment, or one booth at an industry conference has on the bottom line, than it is if you ask for a loan to fund several items.
Keep this simple tip in mind as you look to apply for a loan.
Leave a Reply