The old saying “cashflow is king” has never been more true. In today’s tight economic times, maintaining a positive cash flow position in business is essential. For the small business sector in particular, being able to access small business loans is often a necessary step to take in order to either move the business forward, keep it operational, or indeed get it started in the first place.
Pre the Global Financial Crisis, it’s fair to say that obtaining finance for business or personal use was far easier than it is today. Nowadays, banks and lenders are far stricter in their application process and so it pays (literally) to go into bank loan negotiations with a thorough understanding of how the loan process works and what lenders are looking for in a small business finance application.
The team at Ace Capital have put together a list of the 10 most common small business loan mistakes. be sure to read the list and avoid where possible!