If you want to start your own business, you’ll need a bit of money to get started and get on your feet. Banks take many things into account when you ask for money for start-up business loans. Here are five of the most important considerations when you want money from a bank for a loan for your new business.

1. When you want to get money from a bank, the first thing they look at with starter business loans is your credit. You must have a healthy credit score that looks great. If your credit is bad, it tells a lender that you are not paying your debts and this can prevent you from getting a line of credit.

2. Experience is an important factor when you are hoping to get start-up loans. You must have years of experience in the line of work you want to start your own business and you must be able to convince the bank that you are the right person to open the company. A bank may think you have the best idea, but if they don’t think you’re skilled enough for the company to generate revenue or run the business, they won’t lend you money.

3. Assets are another factor that lenders want to see. When you are trying to secure startup business loans, you should have some assets worth money that the bank can insure if they feel they need it. If you don’t have anything worthwhile and you’re asking for money to start your own business, you’ll probably be turned down. The banks want to see that you are serious and when you secure assets with the money they know that you are.

4. Put together some money for start-up business loans. The best way to show a lender that you are serious about your new venture is to have a good amount of money as a down payment. When you have a 20-25% down payment for your startup business, a bank is more willing to talk to you. A good down payment can even get a bank to overlook your bad credit.

5. If all of the above factors are not in your favor, you can try to find someone who can co-sign a loan with you. A lender will want to know if you have someone behind you who is good for money. This person will need to have good credit, but can be considered a silent partner in your efforts. In most cases, a friend or family member is the best person to apply for business startup loans.

If you are looking for money for startup business loans, there are many things to consider. A bank will want to know if you are in a good financial position, qualified to run the business, why the business will work well, and much more. Securing a loan is important, but you may need a down payment, good credit, assets, or even a co-signer.