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Know your business: Be prepared to discuss all aspects of your business, including its past performance, present challenges, and future plans, in an engaging manner. Stumbling on straightforward questions about your business is a red flag for lenders.

Maintain your records: Keep updated records, such as bank statements, accounts, proof of revenues, and contracts, in a decipherable format. This ensures you can provide them quickly when a lender requests them.

Have a clear plan: Understand the reason behind your need for a business loan, such as supporting cash flow during a sales period or paying overheads while waiting for payments. Have a clear plan on how the money will be spent and how it will support your growth plans.

Honest & open communication: Be honest and responsive in your communication with the lender. Assume they are trained to identify inconsistencies in your stories and numbers. Manage expectations and handle the application process with discipline, as it reflects your repayment discipline.

Avoid over-committing: Over-committing yourself financially early on, as it can cause problems when trying to obtain further credit. Align your credit commitments with your business’s long-term goals, considering the impact of the terms on your company and assets.