Earlier this month we began a little digression from the focus on the various banks’ loan packages targeted at small businesses. We started a topic on basics on pre-loan positions the small business owner should take so that he/ she may be able to meet conditions for a successful loan application in any bank. We even repeated the introductory part twice up to last week.

Mile 3 Market in Port Harcourt experience Low turn out of customers, weekend before Christmas. Photo: Nwankpa Chijioke

We had touched on the issue of business registration or incorporation. The last remarks on this issue was on business seminar which was essentially focused on knowledge capital the business owner should have before he/ she could make a successful loan application.

Essential ingredients

We now throw more light on the essential ingredients of such knowledge capital.

First, look out for seminars organized by or involving financial institutions, preferably, banks. This is because the content is focused directly on preparing the small businesses for a successful bank loan engagement.

But generally most of the relevant seminars would have keynote presentations from successful entrepreneurs, hence the small business owner gets not only knowledge from the experiences of the successful entrepreneur, but also get inspirations to do all the needful to succeed.

Some of the contents to look out for in any seminar for the purpose of preparing yourself, your business for a bank loan include topics on: Cashflow Management; Digital Marketing and E-commerce solutions; SME tool for book keeping (accounting); Accessing low interest rate for loans for SMEs; and Inventory management.

In the next edition we look into some other areas of readiness beyond finance for a successful bank loan application.