Mistake #3: Expecting a loan without collateral or a plan to pay it back.
A banker won’t approve a loan that he doesn’t think has a chance
of getting paid back. So be sure to detail in your business plan how you
are going to make the revenue to pay the loan back or any collateral
you have to back it up. Also, be sure to explain why the loan is
critical for your business. “Make sure there is a solid business plan as
to what they are planning to do with their business and how the
financing will support the mission for the company,” says Toth.
http://www.entrepreneur.com/blog/223585
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