A well-prepared application gets a faster decision and often better terms. Here is how to get ready.
1. Know exactly what you need and why
Lenders want to see a clear amount and a clear purpose. Work out the figure from real quotes or forecasts, and be ready to explain how the funds will help the business generate the cash to repay them.
2. Organize your bank statements
Your last six months of business bank statements are usually the single most important document. Make sure they are complete, cover every business account, and that business and personal spending are kept separate.
3. Bring your financials up to date
Prepare a year-to-date profit and loss statement and balance sheet, and have your most recent business tax returns available.
4. Check your credit
Review your business and personal credit reports and correct any errors before you apply.
5. List your existing debts
Prepare a simple schedule of current loans and advances with balances and payments. Being upfront builds trust and speeds review.
6. Consider collateral
If you have property, equipment or receivables, offering them as security can open up larger amounts and longer terms.
Use our document checklist to make sure nothing is missing.
Ready to take the next step? Start your application or talk to a specialist.