Here’s a Checklist for Filling out a Small Business Loan Application
There comes a time in the life of every small business when, to stay afloat, a loan is necessary. Some small businesses are started on loans, others don’t need loans until times get tight, but either way it is important to know how to fill out a small business loan application.
You’ll need to prepare by knowing the answers to the following questions:
- Why do you need the loan?
- How will you use the loan?
- What do you need to buy and from whom?
- What are your other debts?
- Who will manage the loan?
When you are ready with that information, go ahead and gather the materials you will need to bring with you to the bank. These include:
- Your background, including resume, previous addresses, criminal background check, proof of education, etc.
- Your completed business plan
- Your credit report—one for you personally, and one for the business itself
- Personal and business income tax returns
- Any other financial statements or documents
With all of these materials, you are ready to approach a loan counselor.
Loan counselors like attentive and prepared clients. When they see that you have brought all the necessary materials and you have some idea of what you are getting into by knowing the answers to the above questions, these folks will be much more responsive to you and helpful.
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