Expert tips on being prepared when applying for a small business loan
June 28, 2021
Are you familiar with FE’s #LoanTipSixty Video Series, where experts from FE share financing insights in just 60 seconds? Read below for the content from our #LoanTipSixty: Top Documents Checklist video or watch the video here. Follow the series on FE’s YouTube Channel.
Get a head start with our Top Documents Checklist
The loan application process can seem like a daunting endeavor at first, but a little bit of preparation goes a long way. Of course, there is no ‘one size fits all’ checklist but follow along as we break down some quick and easy tips, straight from the experts themselves. Learn what you need if you’re an existing business or a startup looking for financing. Let’s jump in.
For Existing Businesses
For existing businesses, most lenders will start with an application to get to know a little more about you and your business. Be sure to have your personal and business tax returns from the last 3 years available along with interim financial statements for your business. In case you’re unsure of what that entails, it’s simply your business’ balance sheet and profit and loss statement. This helps lenders see how your business has performed since the end of the last tax reporting period. Reminder that those items should be current within the last 45 days.
If you are a start up, it is smart to have your last 3 years of personal tax returns easily available to share with any lender you are considering working with for a loan. Having your business plan along with 12 months (or longer) of projections at the ready demonstrates to any lender how serious and invested you are in your business. If working with FE Small Business Finance we have the resources and you can also find them through Small Business Development Centers.
We’re Here to Help
Many lenders can get caught up in financial jargon or acronyms…don’t be shy! Ask us questions; any lender will be happy to help explain any portion of the process to you. Like any business owner, you value your time and want to have the process go as quickly as possible. We highly encourage anyone about to begin the loan application process to go electronic to expedite the process. From requesting or converting digital copies of your tax returns to filling out your forms online, doing as much as you can electronically sets the stage for a speedy reply.
Watch the #LoanTipSixty video here
Get the Top Documents Checklist here
FE Small Business Finance offers several loan options for business owners who want to grow their operations and are planning for their long-term needs. Tell our loan experts about your business, and they’ll work to match you with a financing plan that best suits you. Let’s talk! Reach us at firstname.lastname@example.org or (619) 243-8667.
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