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How to make the perfect loan proposal for your engineering business

  • Highlights

  • Include an executive summary and financial projections

  • Explain the investment avenues and repayment plan

  • Give the firm’s past performance details

  • Choose a loan customised for engineers for fast financing

An engineering business usually has more needs for funds compared to others due to the heavy reliance on cutting-edge machinery or software, R&D, higher inventory to manage, and the need for skilled resources. So, the success of your business often depends on getting the right finances at the right time. Here’s where a loan customised for engineers can come in handy.
For example, if you are an application developer for smartphones, you may have numerous needs that require funding. You may need to spend on research and development, software programs to help build the app, hire skilled IT engineers, get the app tested in the market, and ensure it addresses the needs of the stakeholders. To ensure smooth operations, you can always rely on a loan for engineers. But, in order to boost your chances of approval, create a business loan proposal that showcases your need for funds, repayment ability and how you plan on using the money.
Here is how you can prepare the perfect proposal when you’re applying for a loan for engineers.

1. Include an executive summary

This section provides the lender information about your company’s business plan, goals and mission. It should have information about what your company does, talk about your audience, and mention why you need funds. Think of it as introducing your company to the lender and setting the tone for your proposal. For example, if you have won awards for your applications or have other accolades to your credit, such as being recognised by the Apple App Store, Google Play or reputed publications, mention key recognitions in your summary.

2. Include details about your company

After the executive summary, provide the lender a more in-depth look at what your company has been doing until now. Recap your company’s journey in this section, list out the apps that you have developed, the years of operation and your background as the business-owner and engineer helming the venture. Here, you must also include details pertaining to your company’s financial performance in the past few years.

3. Include details about the management team

While you may be the owner of the company, it is important to briefly touch upon the people who hold important positions within the company, their role function and how they contribute to the smooth functioning of the business. This will help establish your engineering firm as well-oiled machinery in the eyes of the lender.

4. List out why you need funds:

If you’re developing an application that shows the pollution levels in different areas, you may need funds for several reasons. This could be to carry out research on the audience seeking this information, to forge partnerships with agencies that can provide you this pollution levels in real time for various parts of the country, to design and develop the app, etc. By telling the lender exactly how you will use the funds, you can establish why your need for finance is substantial and worthy of the loan.

Engineer Loan | Features and Benefits

How to apply for a Bajaj Finserv Engineer Loans online

5.Include a marketing and sales strategy

It isn’t enough to list out why you need funds. It is also important to tell the lender how you will market and sell the final product. This shows that you have thought through the entire process and have a concrete plan in place. Back up your request by showing how your product will improve with funds from the loan, the steps you will take to promote and sell it, and in turn how this will increase revenue for your company. This will help the lender feel more convinced about your need for finance and your ability to use it smartly.

6. Include a repayment plan

Your loan proposal must have no loose ends which is why it is important that you also showcase how you will repay the loan. Firstly, ensure that cash flow and revenue projections are part of your proposal. Then, also touch upon other sources of finance such as the company’s assets, cash reserves and any other investments that can help you with repayment.
These are some essentials that you need to include in your business proposal to boost the lender’s confidence in your business venture and increase your chances of getting quick approval.

The information, products, and services included in or available on bajajfinserv.in may include inaccuracies or typographical errors. Changes are periodically added to the information herein. bajajfinserv.in and/or its respective suppliers / affiliates may make improvements and/or changes on the bajajfinserv.in website at any time.
The material contained in this site and on associated web pages is general information and it is not intended to be advice on any particular matter. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. The decision with respect to any financial product or opportunity or nature or suitability or choice or the viability of any product or service shall always be sole responsibility and decision of the subscriber and user.

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