To begin preparing for your Sunnyvale loan application, whatever the source, know the 5 C’s of Credit:
1. Capacity: The ability to repay is the most critical of the five factors; the lender will want to know exactly how you intend to do it.
2. Capital: After you sign Sunnyvale loan application the money you personally have invested in the business is an indication of how much you’ll lose if things go bad.
3. Collateral: After you sign Sunnyvale loan application the lender wants additional forms of security from you to back up repayment.
4. Conditions: Is the loan for new equipment? Working capital? Inventory? The specific purpose plays into the lender’s consideration, as does the local economic climate and conditions both within your industry and in others that could affect your business.
5. Character: Don’t underestimate the impact of your personal impression on the potential lender or investor.
As an entrepreneur, your goal is to persuade investors to believe in you. Just as a job interview, you would always come prepared with resume in hand. Applying for Sunnyvale loan application or funding from an investor is no different.