Suppose you are going to start your own small business and need a loan of $50,000. Assume that you do not have any assets to pledge as collateral, but you have orders in hand. Select a financial...

Suppose you are going to start your own small business and need a loan of $50,000.
Assume that you do not have any assets to pledge as collateral, but you have orders in hand.
Select a financial institution and find out what it takes to qualify for a loan. Try to
understand the rationale for the institution’s rules, policies, and guidelines about loan
approval.
Assess your chances of getting a loan for your proposed business.
Present your findings as a 1-page report in a Word document formatted in APA style.
Solutions: Let us assume that , we are applying a loan to Bank of America for an amount of
$50,000. Generally while asking loans, any bank or financial institutions will ask to pledge
the assets as collateral while giving the loan. But here in our case, we do not have assets to
do that. Normally, when we get into the loan appraisal policies, which differs from one
financial institution to the other, will have certain rules which may not be disclosed to the
customers. While approaching to the bank for loan, we may explain the...