Most loans will require details of your business’ most current financial position. Before you begin the loan application process, make sure you have accounts receivable and accounts payable records available.
After determining the loan types you qualify for, you may be able to find a loan application form online or from a lending institution.
Provide a brief history of your business and its challenges. Include an explanation of why the loan is needed and how it will help your business.
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.
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.
Your lender may require you to submit one or more legal documents. Make sure you have the following items in order, if applicable:
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.