The Ultimate Checklist Before You Apply for a Business Loan

LTE LoansLTE Loans
2 min read

Applying for a business loan isn’t just about filling in a form. Whether you’re opening a retail store or launching an online business, preparation can make all the difference in how fast—and how successfully—you secure funding.

Here’s your ultimate checklist to get loan-ready.

1. Finalise Your Business Plan

Your business plan should outline your goals, market analysis, competitors, marketing strategy, financial forecasts, and how the loan will be used. It’s the first thing lenders will scrutinise.

2. Know How Much You Need

Be specific. Too much can raise red flags, and too little can stall your growth. Identify:

  • Start-up costs

  • Equipment and software

  • Staffing expenses

  • Inventory needs

3. Prepare Financial Statements and Forecasts

Even if you’re just starting, you should prepare:

  • Cash flow projections

  • Profit and loss forecast

  • Balance sheet estimates

These show lenders that you understand the financial side of your business.

4. Check Your Personal Credit Score

As a new entrepreneur, your personal credit score often substitutes for business credit. Pay down existing debts and resolve any defaults before applying.

5. Identify Suitable Loan Types

Options include:

  • Secured/unsecured loans

  • Equipment finance

  • Overdrafts

  • Business lines of credit

A business finance broker Melbourne specialist can explain the pros and cons of each.

6. Compare Lenders

Don’t settle for the first offer. Different lenders have different:

  • Approval criteria

  • Rates

  • Fees

A business loan broker Melbourne can do this comparison work for you.

7. Get Your Documents in Order

Typical requirements:

  • Business plan

  • ID and ABN

  • Financials and forecasts

  • Tax records (if any)

  • Lease agreement (if relevant)

8. Create a Repayment Plan

Can you comfortably service the loan? Lenders want to see you’ve considered interest rate fluctuations, slow sales periods, and other risks.

In Summary

Getting a business loan starts with being prepared. Follow this checklist and seek expert advice to improve your chances of approval.

At LTE Loans, we’re a trusted start up business loan broker Melbourne. Let us simplify the process and connect you with lenders who understand your vision.

Reach out today and start building your business with confidence.

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LTE Loans
LTE Loans

Need a car or home loan? LTE Loans is a local Mortgage Broker with years of experience assisting individuals and businesses in obtaining an effective loan offer at the lowest possible interest rate. Whether you're a first-time home buyer or require a Personal Loan to refurbish your property, our Finance Brokers in Melbourne can meet all of your financial demands. Our Services: Home Loans Refinancing Loan Business Loans Vehicle Loans Assets Finance Personal Loans Call- 03 9390 0030