One of the important steps of the loan application on October is describing the project for which you are seeking money.
You will be asked to detail what the loan will be used for with as much detail as possible. This is asked so that the October team knows more about the company's needs and can better analyse the request.
In this part you can detail:
- What the loan will be used for : buying equipment, buying a service, investing in R&D, hiring a new employee, etc.
- If the amount borrowed covers all the costs of the project.
- If no, where the rest come from : bank loan, liquidity.
- What will be the impact of the project on the company : wider range of products, new markets, more production efficiency, etc.
Here is an example:
Let's Clic, a digital agency based in Paris, wants to borrow €467,000 to acquire another company. The target company is specialized in website creation. This project will allow Let's Clic to propose a wider range of services to its clients, starting from digital strategy all the way to the final product : delivering a new or modified website. The target company also has an already existing client based and Let's Clic will be able to sell digital strategy services to it as well, thus increasing its turnover.