Is your accounting record tidy before you ask for a loan?

OPINION: The bank wants to lend money. But we want to see good account conduct.

It's easy to get busy, not monitor your cash flow and end up with late payments and overdrawn accounts.

Before applying for a loan, be sure you look good on paper.

Keep your accounts in good order for one year.

Mark Moller is the business banking manager for Wide Bay Australia on the Fraser Coast.
Mark Moller is the business banking manager for Wide Bay Australia on the Fraser Coast. Paul Beutel

If you have gone outside of your arrangements, had you organised with your financier prior to it occurring?

Have a read through your statements, are there regular monthly payments coming out which the bank may seek further clarification on ie are they loan payments or insurance payments.

Have you had a default listed against you? If so what were the circumstances and has it been paid.

If it has been paid has this been updated through the credit bureau, some businesses are quick to lodge a default but can be slow in updating to advise cleared.

Be sure to tell the bank about all debts you have including loans you are a guarantor for.

By being upfront and confirming these points you may save unnecessary delays in approval.

Mark Moller is Wide Bay Australia's business banking manager. Visit www.widebayaust.com.au for more information.



DIANNE RECOVERED: Bodies may be inside ill-fated trawler

DIANNE RECOVERED: Bodies may be inside ill-fated trawler

Dianne towed into Bundy port for investigations

'You're the boss, mate': Man keeps interrupting magistrate

'You're the boss, mate': Man keeps interrupting magistrate

Selwyn Noel Eather, 53, said he hadn't knowingly ingested meth.

Servo's fuel price shocks Tannum Sands community

Servo's fuel price shocks Tannum Sands community

Should unleaded cost more than 150 cents per litre?

Local Partners