Business Loan Interview Questions and Answers

Business Loan Interview Questions And Answers | Full PDF Download

Business Loan Interview Questions and Answers – Nigerians being money minded kind of people and having understood that her country as widely known as flowing with milk and honey and its unharnessed resources, has resorted to getting involved in businesses instead of waiting for white collar jobs, which are not readily available.

Notwithstanding this businesses whether in small scales or large scale is bedeviled by lack of start up capital or funds to continue running the businesses. Therefore, this has left them with no option than to apply for business loans from banks and other loan facilities or institutions. In other to get this business loans they get ask questions in relation to the loan they want and are required to provide answers.

Business Loans Interviews, Questions and Answers: Complete Guide

Business Loan Interview Questions and Answers

Businesses whether in small or large scale requires enough funds and business owners apply for business loans to supplement their personal finances. Therefore, In the application of business loans, the lenders are careful in considering the acceptability of a loan. Therefore, they engage the borrower in questions and answers interviews and also set some guidelines.

Questions asked in interviews has put a lot of fears in the minds of business owners and has either make them not to apply for the loans or for the loan they applied for to be rejected. However, we will providing business loan applicants possible questions mostly asked by the lenders and also the possible answers. In other words we will provide you with hints and tips in business loan interviews, that is the questions to ask yourself before applying for the loans, the questions to expect from the lender and the answers to give.

Questions to ask before applying for a business loans:

  • what do i need the loan for ?
  • how much do i need or how much to borrow?
  • how long will it take to get the loan?
  • what is the interest rate of the loan?
  • how does the repayment work?
  • what are the terms and conditions of the loan?

Possible questions to prepare for during business loan interviews:

Why does your business need a loan? 

It is assumed that in your business plan and loan application form you have answered this questions.

How long will you need to pay back your loan?

 Don’t come up with unrealistic terms in answering this question and your answers must be backed up numbers.

How would you summarize your business? 

The uniqueness of your in business in comparison or in contrast to other businesses and how its fit in the industry or benefits the economy should be explained.

How do you explain any past business failures?

Past business setbacks and failures\/hardships you might have had that might set alarms should be explained.

Can you show me a clear history of your accounts payable and receivable?

Documents showing your account information should be available.

What kinds of insurance do you have?

Ensure you bring your insurance card if you have any or any insurance coverage document that meets the requirement.

6 ways to excel in business loan applications:

  1. Know your business plan inside and out: A business loan applicant should be able to know his/her business plan. very well backing it up with numbers and examples.
  2. Research your lender and your interviewer: As a matter of fact, you should be able to know or research the types of businesses your lender prefers by asking others who have applied .
  3. Hold a mock interview: Self assessment is important in order to determine your strengths and weaknesses.
  4. Have relevant documents on hand: It is important you go with relevant documents both financial proofs and certificates of ownership etc.
  5. Take along visuals: However, photos of your business, products or even services can bring your presentation to life.
  6. Be confident:  Do whatever makes you feel like you’re going to crush this interview.

Business Loan Interview Questions and Answers

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