Search for Small Business Loan Sources and receive your matched lender listSearch for Small Business Loan Sources

Approval of your loan request depends on how well you present yourself, your business, and your financial needs to a lender. Remember, lenders want to make loans, but they must make loans they know will be repaid. The best way to improve your chances of obtaining a loan is to prepare a written proposal. A well written loan proposal contains:

General Information

  • Business name, names of principals, Social Security number for each principal, and the business address.
  • Purpose of the loan exactly what the loan will be used for and why it is needed.
  • Amount required the exact amount you need to achieve your purpose.

Business Description

  • History and nature of the business details of what kind of business it is, its age, number of employees and current business assets.
  • Ownership structure details on your company’s legal structure.

Management Profile

  • Develop a short statement on each principal in your business; provide background, education, experience, skills and accomplishments.

Market Information

  • Clearly define your company’s products as well as your markets.
  • Identify your competition and explain how your business competes in the marketplace.
  • Profile your customers and explain how your business can satisfy their needs.

Financial Information

  • Financial statements balance sheets and income statements for the past three years. If you are starting out, provide a projected balance sheet and income statement.
  • Personal financial statements on yourself and other principal owners of the business.
  • Collateral you would be willing to pledge as security for the loan.

 


 

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Search for Small Business Loan Sources and receive your matched lender listSearch for Small Business Loan Sources