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Applying for a business loan can seem like a mammoth effort when you start to see all the paperwork that is required. Many potential deals get sidetracked not so much because they are bad deals, but because the supporting documents are not submitted to support the application.
There is an old saying in law regarding evidence. It is only worth something if you can get it in front of a jury. The fact you have a great argument that isn't supported by any objective makes it as useless as, well, you can paste your favorite clich?? here. The same tends to go for supporting documents with a commercial loan. Without the supporting docs, your application doesn't stand a chance. With this in mind, let's look at the common docs you must have.
• Business profile description - You must prepare a document that will provide a summary of your business that includes business description, financial summary, history of the business, number of employees, ownership structure and the basic hard boiled facts surround the entity.
• Business plan - A good business plan will outline the vision of your company and highlight its past performance. You should also provide a picture of where your business is going. It is also an absolute must to include projected financials.
• Loan request details - Be very clear about the loan amount that you require and do not fluff it. You should also explain exactly how the funds will be put to use.
• Collateral - Most banks will require collateral to consider your loan application. You should be able to provide a description of your intended collateral and provide supporting documentation to back the numbers.
• Financial statements, both personal and business accounts - If you own more than 20 percent of the business, you will need to provide complete financial information about yourself as well as your business. You should include outstanding debt, collateral used for other loans, maturity on other loans.
With real estate, they say the golden rule is location, location and location. With commercial loans, the golden rule is document, document, document. Make sure you follow the rule and the end result will be funding.
Applying for a business loan can seem like a mammoth effort when you start to see all the paperwork that is required. Many potential deals get sidetracked not so much because they are bad deals, but because the supporting documents are not submitted to support the application.
There is an old saying in law regarding evidence. It is only worth something if you can get it in front of a jury. The fact you have a great argument that isn't supported by any objective makes it as useless as, well, you can paste your favorite clich?? here. The same tends to go for supporting documents with a commercial loan. Without the supporting docs, your application doesn't stand a chance. With this in mind, let's look at the common docs you must have.
• Business profile description - You must prepare a document that will provide a summary of your business that includes business description, financial summary, history of the business, number of employees, ownership structure and the basic hard boiled facts surround the entity.
• Business plan - A good business plan will outline the vision of your company and highlight its past performance. You should also provide a picture of where your business is going. It is also an absolute must to include projected financials.
• Loan request details - Be very clear about the loan amount that you require and do not fluff it. You should also explain exactly how the funds will be put to use.
• Collateral - Most banks will require collateral to consider your loan application. You should be able to provide a description of your intended collateral and provide supporting documentation to back the numbers.
• Financial statements, both personal and business accounts - If you own more than 20 percent of the business, you will need to provide complete financial information about yourself as well as your business. You should include outstanding debt, collateral used for other loans, maturity on other loans.
With real estate, they say the golden rule is location, location and location. With commercial loans, the golden rule is document, document, document. Make sure you follow the rule and the end result will be funding.
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