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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.
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