Getting a business loan is an involved process. It requires more documentation than applying for consumer credit. So don't be dismayed by the amount of paperwork needed. Instead, be ready.
The most effective thing you can bring to the lender is a skillfully put-together and well-documented business plan. State the purpose of the loan (will the money be used for temporary working capital, acquiring equipment, or expanding facilities?) the funds wanted and for how long, and a repayment schedule. Your business plan must include:
A business description showing the characteristics of your business, describing your product and its market, identifiying your clients and competition.
A personal profile that outlines the qualifications and accomplishments of all your key people.
An application that states the kind of loan you want and its objective.
A business projection that describes your corporate strategy for the next three to five years. This will help you and the lender to decide when the company will earn the money to pay off the loan.
A reimbursement plan that shows how and when you plan to pay back the loan. As a contingency, you might outline a program on how you'll pay off the loan if profits alone aren't enough.
Supporting documentation will consist of documents that verify the information in your loan request - for instance, a lease, certificate of incorporation, partnership documents, letters of reference, contracts, invoices or vendor quotes.
Collateral that you will use to assure payment. Collateral can include business and personal property such as inventory, equipment, and accounts receivable or real estate, stocks, bonds, and autos.
Financial statements, both personal and for the business. The business financial statement should be supplied for the previous three to five years of operation plus a year-to-date accounting. It should include a balance sheet showing business assets and liabilities, and a profit-and-loss statement showing revenues and expenses. The lender uses this paperwork to calculate a debt-to-worth ratio for the business. Be ready to supply tax returns, too.
The personal financial statement must list your assets and your liabilities. Identify the name in which title to every asset is held and its fair market value. You should be prepared to provide copies of your personal tax returns. You might be asked for a list of credit references. Lenders will check your personal along with your business credit history.
Personal guarantees of the owners or additional principals are frequently necessary, even from an established business. The lender also might request an added party's security such as a cosigner or a surety, or may call for a government guarantee from the U.S. Small Business Administration or other government agency.
Besides the personal promise that you give, under the Equal Credit Opportunity Act the lender is permitted to ask for an additional person's guarantee. In the event all or the majority of the assets listed on your personal financial statement are owned jointly with your spouse, or with someone else, the lender is likely to want such a guarantee. But the lender may not require that your spouse be the guarantor.
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