A great idea pops in your head for your business, your desire booms your plans . Now what else do you need? Let me think… Oh yeah! Money, right? For that your quest for small business loan begins.
What Do You Require ?
The first thing you need is a business profile that provides a written description of the history of your business, including:
Type of business
- Product or service
- Brief history
- Annual sales
- Number of employees
- Proposed future operation
- Date of information
In order to prove you’re well worth a business and that you deserve a small business loan, you will need to prepare certain documentation . First your credit history is examined by your small business loan lenders, especially if your business does not have a long operational history . They will presuppose that you operate your business in the same manner that you manage your personal finances. So taking your credit history can be a good thing to do ( in the case of banks and traditional lenders )
Business Fiscal Statement
You will need to provide complete financial statements for the last three years ( including balance sheet, income statement and reconciliation of next worth ) plus a current ( approximately 90 days old) interim fiscal statement. Also include a schedule of term debt and aging of categories. If you are just starting out, providing a project balance sheet and income statement would be required. The strength and accuracy of your financial statement will be primary basis for the lending decision, so be sure that your carefully monitoring your fiscal statements before approval.
Your Business Life Can Be Made Simpler
Bypassing the traditional lenders and local banks, I suggest you seek a small business loan by Merchant Advisors who have been in the front line to save small businesses from mayhem of money required.