Business Loan Checklist The SBA is not your only source for small business loans. State and local economic development agencies as well as numerous nonprofit organizations (like CCD) provide loans to small business owners who may not qualify for traditional commercial loans. Before you start applying for loans, you should get some basic documentation together. The following are typical items that will be required for any small business loan application: -Personal Background Information -Resumes -Business Plan -Income Tax Returns (Both Personal & Business if applicable) -Personal Financial Statements -Collateral Description -Legal Documents (Entity documents, leases, etc.) Forms vary by program and lending institution, but they all ask for the same information. You should be prepared to answer some basic questions. Its a good idea to have this information prepared before you fill out the application: -Why are you applying for this loan? -How will the loan proceeds be used? -What assets need to be purchased, and who are your suppliers? -What other business debt do you have, and who are your creditors? -Who are the members of your management team? By having this information together, ahead of time, will enable you to address the items of applying for a commercial loan. Good Luck! Be sure to think of CCD Business Development Corporation for your financing needs. We want your business.
Posted on: Fri, 24 Jan 2014 18:30:10 +0000
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