What business funders look for before funding
It is important to remember that even if you “tick all the boxes” you may still struggle to get funding for your business. The following are four aspects that funders tend to focus on. If you have good, well researched answers for these focal points, you are more likely to be considered for a business loan.
- Funders will want to know if there are many opportunities in your market, or if it is already close to saturated
- You must demonstrate that you have thought of a strategic advantage over your competitors. Faster, cheaper, higher quality etc.
- The skills and experience of your team are very important to your potential funders, as their expertise will determine the success of your venture.
- What will you do if you grow? Have you planned to expand?
There are four main questions that funders ask prospective fundees. Understand what they are, and prepare how you would answer them.
Click here to download: What funders look for worksheet (Word Doc)
Click here to download: What funders look for worksheet (Pdf)
During the course of running and growing your business, you will need access to both short-term and long-term cash savings to pay salaries, suppliers, or even to save for a future project or large payment. Standard Bank provides a range of flexible Savings and Investment solutions, with competitive interest rates, to help you meet your business’s savings and investment needs.