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Funding a business
What banks look at before funding a business
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[QUOTE="Ayuba Ernest, post: 245929, member: 70169"] Banks are constantly on the lookout for new businesses to fund. However, before deciding whether or not to provide funding to a company, banks take into consideration a few different factors. The credit score of the company's proprietor is one of the factors that banks consider to be among the most significant. The owner's credit score for the company is a reflection of the owner's credit score for themselves personally. When the owner of a company has a high credit score, it demonstrates that they are responsible and that it is likely that they will repay any loans that are provided to the company. The quantity of collateral that can be used to secure the loan is another factor that financial institutions take into consideration. They will also examine the financial statements of the company in order to gain an understanding of the company's overall financial health. In addition to this, the bank will consider the company's sector of business and the level of competition that sector currently faces. In addition to this, they will investigate the company's business plan as well as the management team in order to assess the latter's level of expertise and capacity to carry out the company's strategy. [/QUOTE]
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What banks look at before funding a business
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