Business Loan Tips

LOAN APPLICATION HELP

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

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?


For assistance with your business start-up, contact the Economic Development Division at [email protected].

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