Bad Credit Small Start-Up Business Loans
| Mortgages
Applying
for Business Financing (SBA)
When applying for
business financing, you must prepare a written financing application. Make your
best presentation; you may not get a second opportunity.
Always begin your business financing
application
with a cover letter or executive summary. Clearly and briefly explain who
you are, your business background, the nature of your business, the amount
and purpose of your businessfinancing
application, your requested terms of repayment, how the funds will benefit
your business, and how you will repay the financing. Keep this cover page
simple and direct.
Many different business financing
application formats are possible. Don't
assume the reader is familiar with your industry or your individual
business. Always include industry-specific details so your reader can
understand how your particular business is run and what industry trends
affect it.
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Applying For Business Financing
Apply For Business Financing -
The Loan Application
Provide a written description of your business, including the
following information:
Type of organization
Date of information
Location
Product or service
Brief history
Proposed Future Operation
Competition
Customers
Suppliers
Management Experience: Resumes of
each owner and key management members.
Personal Financial Statements: Lendors requires financial
statements for all principal owners (20% or more) and guarantors.
Financial statements should not be older than 90 days. Make certain
that you attach a copy of last year's federal income tax return to the
financial statement.
Financing Repayment: Provide a brief written statement indicating
how the financing will be repaid, including repayment sources and time
requirements. Cash-flow schedules, budgets, and other appropriate
information should support this statement.
Existing Business: Provide financial statements for at least the last
three years, plus a current dated statement (no older than 90 days)
including balance sheets, profit & loss statements, and a
reconciliation of net worth. Aging of accounts payable and accounts
receivables should be included, as well as a schedule of term debt.
Other balance sheet items of significant value contained in the most
recent statement should be explained.
Proposed Business: Provide a pro-forma balance sheet reflecting
sources and uses of both equity and borrowed funds.
Projections: Provide a projection of future operations for at least
one year or until positive cash flow can be shown. Include earnings,
expenses, and reasoning for these estimates. The projections should be
in profit & loss format. Explain assumptions used if different from
trend or industry standards and support your projected figures with
clear, documentable explanations.
This
site is dedicated to Presidents Choice Financing. Business Financing
Applications.
The information
is derived from reliable government sources and is not meant to be
financial advice.
