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Applying for a small business loan

Whether a business needs money for its initial start-up or to simply buy resources and equipment, there will always come a time when a business will require a loan to continue moving forward. Business owners can improve their chances of loan approval by showing the potential lender that they can support their business ideas and plans with valid financial information.

The below checklist is designed to give business owners an idea of what to include in their loan application:

– A short (but detailed) excerpt of what your business does, its history and ownership details.

– The owner’s personal financial information, such as credit history, tax returns and personal assets.

– A business’s financial information. This may include balance sheets, profit and loss statements and cash flow statements.

– A forecast of financial information. The forecast should reflect what the business owner expects from the loan (assuming that the loan is approved). To have this work in the owner’s favour, they should include best and worst case scenarios.

– A detailed description of why the business needs a loan. Owners must remain critical when they have to decide what type of loan they need. They should state the amount and the time it will take to pay back the loan. Including a business plan here can help to improve the chances of getting a loan approved.

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