Being organized and prepared can increase your chances of securing a loan. Before you submit the application, take the time to organize personal and financial documents, as well as prepare answers to commonly-asked questions.
Loan Application Help
Documents
- Personal Information and Resume
- Business Plan
- Personal and Business Credit Reports
- Income Tax Returns (3 years)
- Financial Statements
- Bank Statements
- List of Collateral and Assets
- Legal Documents, such as licenses and registrations, articles of incorporation, copies of contracts, franchise agreements, and commercial leases.
Questions A Lender Will Ask
- 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?