Get Loan Ready

Step 1
Get Organized

You’re the CEO of your small business – the Chief Everything Officer. You understand that time = money, and being prepared can shorten the time it takes to get a small business loan. Even when you’re on the go, our mobile friendly, easy-to-use digital checklist can help you get prepared, and stay organized, during your loan application process.

Use the checklist »

Step 2
Learn about the lending world

Overwhelmed by the small print and endless details of the lending process? Venturize puts the power in your hands to understand your loan options, access responsible capital, and discover possibilities you didn’t know existed. Get confident in your loan options with our glossary, news articles, and other resources.

Read our resources »

Step 3
Identify Your Credit Score IQ

So many factors affect your credit score, and figuring out how to boost your score can get pretty complicated. It takes more than on-time payments to build your score, and our Credit Score IQ resources can help you understand how to make the credit changes you need.

Learn More »

Questions
Step 4
Ask the right questions

Before you walk into a bank or apply online, it’s important that you’re prepared to have the important conversations that will help you secure financing for your small business. Here are a few questions you might want to consider ahead of your big chat.

See the questions »

Step 5
Find the best loan for your business

There are many loans available to small business owners – maybe more than you think – depending on your credit score, the amount of time you’ve been in business, and your desired loan amount. What’s the best loan fit for your small business? That’s your call, but the Venturize online tool can make it easier for you to compare different options and choose the one that’s right for your needs.

Discover the right loan »

Access to Capital

Ask the right questions

Before you walk into a bank or apply online, it’s important that you’re prepared to have the important conversations that will help you secure financing for your small business. Here are a few questions you might want to consider ahead of your big chat.

About the Lender:

  1. Have you ever approved a loan for my type of business?

  2. What is your average loan amount for a business of my size?

  3. Who approves or denies the loan application?

  4. How long does the application process take?

  5. Do you require a personal guarantee?

  6. How quickly can you provide the approved funds?

  7. How much can I borrow based on the asset I’m using for collateral?

  8. What deadlines will be imposed on me to accept my loan offer?

  9. Will you report my loan repayment information to major credit bureaus so I can build my business credit?

    1. Will you report positive as well as negative information?

  10. If I am unable to repay, how will you try and collect on the loan?

 

About the Loan:

  1. What is the annualized percentage rate or APR?

  2. What additional fees will I need to pay?

    1. Are they included in the interest rate quoted?

    2. What are their payment amounts and frequency?

  3. What is the full cost of the loan over its lifetime?

  4. When does the loan need to be paid in full?

  5. Does the loan have a prepayment penalty?

    1. If so, what is the prepayment cost?

  6. If I take a second loan with you in the future, will I need to pay any financing charges on the existing principal of my previous loan?

 

If Working with a Broker:

  1. What is the annualized percentage rate or APR of each option you are presenting?

  2. What will you, the broker, be paid for each option?

    1. Do you make more money if I take certain loans?

  3. Do you get paid by me or by the lender?

  4. Can I see an overall summary of what types of loans borrowers who work with you end up with?

    1. What’s the average interest rate?

    2. How many take a bank loan, medium-term online loan, or merchant cash advance or short-term loan?

For more information about the Borrowers’ Bill of Rights, including additional questions to consider, visit http://www.responsiblebusinesslending.org

Loan Application Checklist

You’re the CEO of your small business – the Chief Everything Officer. You understand that time = money, and being prepared can shorten the time it takes to get a small business loan. Even when you’re on the go, our mobile friendly, easy-to-use digital checklist, also called a loan package, can help you get prepared, and stay organized, during your loan application process.

If you need help creating any of the items in this checklist, visit our Resources page to find a business assistance organization in your area that can help you.

If you are applying for a Small Business Administration loan, you may need to prepare different documentation. Not sure if an SBA loan is right for you? Learn more about them.

WHAT I NEED TO COLLECT

Business Plan

Quick Overview

Most loan programs will require you to submit a sound business plan with your loan application. Your business plan should include a complete set of projected financial statements, including profit and loss (P&L), cash flow and balance sheet. If you need help preparing your business plan, the Small Business Administration provides resources at the links below.

​Community Centro Partners also offers an app to help you create and maintain a business plan using just your phone or tablet

Personal Credit Report

Quick Overview

If you’re already in business, be prepared to submit a business credit report as part of your loan application. As with the personal credit report, it is important to review your business’ credit report before beginning the application process.

  • Our partners at Nav offer free options for monitoring your business and personal credit:
    www.nav.com

Collateral

Quick Overview

Collateral requirements can be different depending on the type of loan you are applying for, and strong business plans and financial statements can help you avoid putting up collateral. It’s a good idea to prepare a collateral document that describes cost/value of personal or business property that will be used to secure a loan.

Financial Statements

Quick Overview

You may also be required to provide projected financial statements, either as part of or separate from your business plan. It’s good to have financial statements prepared and ready to go, in case you need to submit these documents individually. The following forms may be used to prepare your projected financial statements:

Many loan programs require one year of personal and business bank statements to be submitted as part of a loan package. If you have business partners with more than a 20 percent stake in your business, they may be asked to submit signed personal financial statements.

If You are Purchasing an Existing Business

Quick Overview

The following information is needed for purchasing an existing business: current balance sheet and P&L statement of business to be purchased; previous two years federal income tax returns for your business; and proposed bill of sale including terms of sale asking price with schedule of inventory, machinery and equipment, furniture and fixtures.

Legal Documents

Quick Overview

Your lender may require you to submit one or more legal documents. Make sure you have the following items in order, if applicable:

  • Business certificates and/or licenses and registrations required for you to conduct business (Note: If your business is a corporation, provide your corporate seal along with your application.)
  • Articles of Incorporation
  • Copies of contracts you have with any third parties
  • Franchise agreements
  • Commercial leases

Ownership and Affiliations

Quick Overview

Include a list of names and addresses of any subsidiaries and affiliates, including concerns in which you hold a controlling interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with you.