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Business Loan Application Process
Business Lending | Loan Package | Credit Process | Personal Financial Statement | ChecklistA loan package is the information a lender needs to understand your business and make an informed decision on the products that are right for you. When developing your loan package, you will need to include a description of your products and services, an overview of key personnel and their backgrounds, a description of the market in which you operate (competition), and future plans for your company.
Financial information on your business provides the key to understanding how your business has performed in the past and why it may need a loan. The following basic financial information will be required to evaluate your loan application:
- Balance sheet (statement of assets and liabilities)
- Income statement (income and expenses)
- Other relevant financial data such as accounts receivable agings or equipment lists.
If less than three years old, we will request all financial statements and tax returns to date.
If you are just starting your business, we will request an opening balance sheet and projections as well as a completed business plan.
By providing complete financial information, you help communicate your financial condition and the results of your operations to a lender. The statements should be prepared in "generally accepted accounting principals" so they can be easily understood. A Certified Public Accountant or business consultant can assist you in preparing the necessary information.
In many cases, you will also be asked to provide a personal financial statement and personal tax returns for the past two years. This provides the lender a clear idea of the relationship between your personal and business finances.
Upon receipt of all necessary financial data, a lender will then review your loan and begin the credit process.
