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Home Business Loans 6 Things You’ll Need to Include in Your Loan Package
Not all small business loans (or lenders) are created equal and what each loan officer wants to see might be a little bit different, but if you take time to collect this information and have it ready before you start looking for a loan, it will make the process move much more quickly and might even help improve the odds you’ll receive a loan offer. A lender once told me, “If I know more about the borrower by looking at their financials than they do, it’s not likely I’ll give them a loan.”
Collecting the data before your first conversation with a lender is a great way to make sure you understand why he or she should offer you a loan. Here are six things you should make certain you have ready before you talk to a lender:
Although some of these documents won’t be required by all lenders, taking the time to put together a loan package is still a good idea. It allows you to spend time outside of the day-to-day grind to make sure you understand some of the key financial indicators a lender is going to ask about. There is no shortcut to diving into the numbers and reports; and doing so just might improve the odds of a successful loan application.
Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business financing and trends accessible in common sense language devoid of the jargon.
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