What are some things a business loan client should have prepared ahead of looking for a loan, so that they are quickly able to get through the process?
- If the business is a startup company (less than two years) a business plan and projections for the following 2-3 years. The projections should have detailed assumptions as to how the projections were derived.
- Two to three years of personal income tax returns.
- Two to three years of business income tax returns.
- Interim financial statements no more than 60 days (for a non-startup company).
- Provide detail as to the use of proceeds.
- Willingness to provide cash injection into project, of at least 10%