Article by Roger Schlueter
There are many Documents that the bank will want to see when you apply for a Business Loan. This article covers most but, He who has the money will dictate the dance.
I Guarantee you will have all your info if you follow this list for getting a Commercial Business Bank Loan!
1) History of Company or Discussion of the Who, What, Where, Why, and How of the New Company.
2) Money needed and for what purposes. Estimates and Bids from providers of Future Purchases.
3) Resumes of All Owners.
4) Personal Financial Statement for all Owners with their Credit Score Listed.
5) Personal Tax Returns for three years.
6) Company Financial Statements for three years and/or Projected Company Financial Statements.
7) Existing Company – Company Tax Returns for three years.
8) Cash Flow Statement for First year on a monthly basis.
9) Cash Flow Statement for Three Years on a yearly basis.
10) Financial Analysis of all Past Financial Statements and Projected Financial Statements.
11) Listing and Discussion of Collateral that you are pledging for this loan.
12) Summary of Your Project that restates the reasons you need the loan and the benefit to your business.
*** Remember to Sign and Date all Financial Documents, especially the Personal Financial Statement and the Financial Statements and Tax Returns.
*** The Bank will run Credit on all potential borrowers.
This is a Good List but No One can tell you exactly what the bank will ask for because the Documents that are provided may lead to more information that the banker wants to see.
Please address any questions thru this blog or Email roger@rogerschlueter.com