When looking to get extra cash flow to start or grow your business, it is important to research exactly what your business needs before making a request to a bank, or any other institution or person, for that matter, for funding.
According to Yoco, a fintech startup company, there are six important criteria to consider when looking for finance.
Here’s what to consider:
- How much money you’re looking for
- The interest rate when having to repay the loan
- The manner in which you ask for funding (face-to-face versus email etc)
- How easy it is to apply for the funding
- The terms of the loan
- The repayment terms