If you need to get a business loan for your company, there are several documents you need gather in order to show the lender that you are worthy of a loan. Here are some things you need to gather in order to get a business loan:
Provide the lender with a list of all the money you need and how you intend to spend it. As you show the lender each piece of equipment you need to purchase with the money, it will provide the lender with an easier decision to acquire the money. When you offer them this list, you also need to provide them with a repayment schedule.
The lender will also need a business description. The business description provides the lender with information about your business, your products, your services, etc. This provides the lender with a well-rounded vision of the company and they can see if you have a sustainable business and a market that will support your business for many years to come.
Loan application. When you need to get a business loan you will need to fill out loan applications. The loan application provides information about how much money you need and what you plan to do with it. Each lender has different loan application needs so you may need to print them off online to gain a well-rounded vision as to what information they are looking for.
Cash flow projections. In order to help you acquire the funding, you need to provide the lender with a list of information pertaining to your business cash flow. Where do you expect your cash flow to be in 1 year, 5 years, etc? Use your existing financial records to support the numbers you come up with. You should also provide information as to what services or products that may impact your cash flow in the future.
Credit rating. To get a business loan you also need to find out where your corporate credit rating stands. Why do lenders want to work with you? Have you been able to take on debt in the past and repay it in a timely manner? If lenders feel they can trust you, it will be easy to acquire the money you need. Depending upon the age of your business, lenders may ask to review your personal credit rating. This will provide them with a well-rounded vision of the way you manage your business and personal finances.