Congratulations! You’re on your way to owning the business you’ve dreamed of and we are so excited to help you in the process. Obtaining a business loan doesn’t have to be a difficult process. If you’re ready with all the necessary documents, it could go a lot faster than you’d think. Giving a business owner a loan is no small thing. The lender will have a lot of questions about your business and will want information about you as well. We’ve compiled a list of some of the items you may need when applying for a loan.
The lender will want to know who you are as a person and consumer. They’ll want to see your personal financials, credit history and possibly your resume of work. Education, previous addresses and criminal history may be included in the application as well.
Business plan and financials
The bank will want to see where the company has been and where it’s going. Providing a detailed plan and the income, overhead and debt of the company will give the lender an idea of where the company is financially. They may also want to know how you will be using the funds. Be prepared to confidently present and defend your plans for your business. Charting projected growth and future financials will help the lender see that you are a motivated business owner and that the loan will not be a mistake on their part.
Income tax record
If you’ve been in business long enough to file taxes, you’ll want to have those records available. The lender will want to see these along with your other financial records. You’ll need tax records for at least three years if you’ve been in business that long. They may also ask for your personal income tax records. Again, they may ask for at least three years of reports.
If you have further questions about applying for a Business Loan, please contact one of our knowledgeable INSOUTH Bankers.
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