Unlocking Business Growth: Your Guide to Our Loan Program

Securing funding is essential for any business looking to expand, purchase equipment, or invest in new opportunities. Whether you're seeking financing from a bank, credit union, or alternative lender, understanding the loan application process is crucial. Lenders carefully review both your personal and business financial profiles to assess your financial strength, management responsibility, and ability to repay the loan. Any gaps or weaknesses in these documents can affect the approval decision and loan terms. This guide details the required documentation and explains the importance of each, so you can confidently navigate the process.

How Your Documentation Shapes Loan Decisions

Each document offers valuable insight into your financial profile, helping lenders determine your overall creditworthiness and the likelihood that your business will successfully manage and repay the loan.

• Personal Financial Statements and Tax Returns:

  These documents reveal your financial strength and help lenders assess your ability to support the business if needed.

• Business Tax Returns and Financial Statements:

  They demonstrate your historical financial performance, profitability, and revenue trends—key factors in determining business stability.

• Business Financial Projections:

  These projections outline your expected revenue, expenses, and growth, proving that your business can sustain loan repayment.

• Business Debt Schedule:

  This schedule details current liabilities, ensuring you are not overleveraged and can manage additional debt.

• Accounts Receivable and Payable Reports:

  These reports indicate your cash flow management and financial responsibility in handling obligations.

• Business Plan:

  A comprehensive business plan provides a roadmap for success, explaining how the loan will support your growth strategy.

• Collateral Documentation:

  This documentation secures the loan with valuable assets, thereby reducing the lender’s risk.

• Licenses, Permits, and Agreements:

  They verify that your business complies with legal requirements and is authorized to operate.

Required Documentation

Personal Documentation

When applying for a loan, you must provide personal financial details. Include:

• Personal Financial Statements:

  Support these with additional documents such as bank statements, life insurance policies, and retirement account statements.

• Personal Tax Returns:

  Ensure that all schedules are included.

• Personal Resumes:

  Detail your business and professional experience to showcase your background and expertise.

Business Documentation

Your business records demonstrate its financial health and operational stability. Gather the following:

• Business Tax Returns:

  Include all schedules to provide a complete financial history.

• Income Statements and Balance Sheets:

  Submit both annual and interim statements to give a comprehensive view of financial performance.

• Business Financial Projections:

  Provide projected Income Statements, Cash Flow Statements, and Balance Sheets, along with a supporting narrative.

• Business Debt Schedule:

  Present a detailed breakdown of all current debt obligations.

• Accounts Receivable and Payable Aging Reports:

  Document outstanding invoices and liabilities to showcase your cash flow management.

• Business Plan:

  Submit a detailed outline of your business model, strategy, and financial outlook.

• Business Licenses and Permits:

  Include Fictitious Business Name Statements, professional licenses, and any necessary permits.

• Lease and/or Purchase Agreement:

  Provide documents related to project sites, including escrow instructions for real estate purchases.

• Equipment or Machinery Purchase Estimates:

  Include detailed estimates and supporting documentation.

• Appraisals:

  If applicable, submit appraisals for real estate, titled business equipment/inventory, and possessory property.

Entity-Specific Documentation

Different business structures require tailored documentation:

• Corporations:

  Include Articles of Incorporation, Corporate Bylaws, and a Corporate Borrowing Resolution.

• Limited Liability Companies (LLCs):

  Provide Articles of Organization and a Certificate of Registration.

• Partnerships:

  Submit the Partnership Agreement and an Authorization to Borrow.

• Franchises:

  Include a copy of the Franchise Agreement and the FTC Disclosure Statement.

Get Started Today

If you’re ready to take the next step in growing your business, we’re here to help. Contact our team to learn more about our loan program and begin your application process today!