In order to get a business secured loan from bank for a new startup or existing business, the borrower should submit the project report for loan with the bank.
Project Report for Loan
In order to get a business secured loan from bank for a new startup or existing business, the borrower should submit the project report for loan with the bank. All the necessary requirements and official documents have to be submitted with the project report.
The project report must be represented in such a way that entails the whole idea of the business in short and up to the point that can be easily understood by the lender.
Further, discussed are the components of the Project Report required to be submitted in order to avail business loan.
Key Components of Project Report
In the below, let us examine the major components required for preparing a project report for secured loan:
- Introductory page: Give the introduction of the business, aim with its purpose.
- Summary of the project: Summary of the project should consist of the overall status of the business
- Scope of the project: It must entail the percentage of work that has been planned
- Details of promoters: The details of the promoters and their educational qualifications and work experience and so on.
- Infrastructure facilities: Information about infrastructure facilities should also be mentioned like whether the tools have been deployed or not.
- Means of financing
- Balance Sheets:
- Profit and Loss Statements
- Fund Flow Statement
- Break-Even Points Evaluations
- Conclusion
