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Loan Question

garytuohy · 2009-09-30 20:46:13

Securing a loan on the strenght of possible earnings. Is this possible and if so how? Do i need contracts/comittments/money Basically I have the business to expand and proof of this business from signed contracts, I am actually turning down a lot of business at the moment.

30-09-2009 8:46pm

#1

garytuohy

Closed Accounts Posts: 210 ✭✭

Join Date: February 2007

Posts: 171

Securing a loan on the strenght of possible earnings. Is this possible and if so how? Do i need contracts/comittments/money

Basically I have the business to expand and proof of this business from signed contracts, I am actually turning down a lot of business at the moment.

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Comments

#2 01-10-2009 7:11am

conolan

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Join Date: November 2007

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If the business you are turning down is profitable and your existing business is profitable then your case should be easy to make. Contracts with reputable businesses or deposits from customers will provide good evidence of future earnings. However the worry for a bank is that next year and after your customers might have tailed off. I presume you don't have multi-year contracts with customers.

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