How to Apply for Small Business Loans
Revisiting the US Stimulus Package
Back in 2008, the US experienced one of its worst recessions in recent years. With the dollar losing its value and the stock market plummeting to its most terrible lows, jobs were cut as companies needed to downsize. It seems the country’s economy was headed rapidly on a downward spiral.
The government was trying to come up with ideas on how to solve the conundrum. How can they help the companies regain their business strengths? How can the people regain the jobs they lost if the companies are fighting the recession by cutting down its staff?
The answer was creating more businesses. Below is all the information you will need to apply for a small business loan and start creating your own income from home.
To apply for Small Business Start-up Loans. the following information may be needed:
- Personal Background
- Business Plan
- Personal Credit Report
- Business Credit Report (if you are already in business)
- Bank Statements
Legal Documents (like business licenses and registrations required for you to carry out
business, articles of incorporation, copies of contracts you have with third parties, franchise agreements, and commercial leases)
Here are all the legal documents you will need for your application. The US Small Business Administration (SBA) does not give loans directly. Your local lender sends it to the SBA after you present all the necessary documents.
- SBA Loan Application (http://www.sba.gov/content/application-business-loan ) and (http://www.sba.gov/content/lenders-application-guaranty-or-participation )
- Personal Background (http://www.sba.gov/content/statement-personal-history )
- Personal Financial Statement (http://www.sba.gov/content/personal-financial-statement )
- Business Financial Statements
- Projected Financial Statements
- Ownership and Affiliations
- Business Certificate/License
- Loan Application History (must meet the standards of size outlined here: http://www.sba.gov/content/determining-size-standards )
- Business Income Tax Returns
- Personal Tax returns
- Business Overview and History
- Business Lease
- In instances wherein you will be purchasing an already existing business, then you will need to present the following: the current balance sheet and P&L statement of business to be bought, previous two years federal business income tax returns, proposed Bill of Sale with the Terms of Sale, and asking price with schedules of inventory, machinery/equipment, and furniture/fixtures
Comments on this entry are closed.Source: bestjob4tomorrow.com