How to get a small business loan?
The most common documentation requirements are as follows. Please keep in mind that requirements may vary on your lender.
- written statement with your purpose of the loan,
- history of the business,
- financial statements for three years,
- schedule of term debts,
- aging of accounts receivable and payable,
- projected opening-day balance sheet,
- lease details,
- amount of investment in the business by the owner(s),
- projections of income,
- expenses and cash flow,
- signed personal financial statements and personal resume(s).
Gather your documentation listed above along with your loan proposal and submit it to your local lender. The process may take up to 10 days to complete.