2019 Small Business Resource Guide 2019 Small Business Resource Guide | Page 8

S TA R T I N G A B U S I N E S S
STARTING A BUSINESS
FINANCING:
ACQUIRING
BUSINESS
LOANS
Below are the typical items required for a small business loan application:
Loan Application Forms Business Plan
Forms vary by program and lending institution, but they
all ask for the same information. You should be prepared
to answer the following questions: All loan programs require a sound business plan to be
submitted with the loan application. The business plan
should include a complete set of projected financial
statements, including profit and loss, cash flow and
balance sheet.
• Why are you applying for this loan?
• How will the loan proceeds be used?
• What assets need to be purchased, and who are
your suppliers?
• What other business debt do you have, and who are
your creditors?
• Who are the members of your management team?
Personal Background
Either as part of the loan application or as a separate
document, you will likely need to provide some personal
background information, including previous addresses,
names used, criminal record, educational background, etc.
Resumés
Some lenders require evidence of management or business
experience, particularly for loans that can be used to start
a new business.
Credit Score
Your lender will obtain your personal credit report as part
of the application process. However, you should obtain a
credit report from all three major consumer credit rating
agencies before submitting a loan application to the lender.
Inaccuracies and blemishes on your credit report can hurt
your chances of getting a loan approved. It’s critical you try
to clear these up before beginning the application process.
Business Credit Report
If you are already in business, you should be prepared to
submit a credit report for your business. As with the
personal credit report, it is important to review your
business’ credit report before beginning the application
process.
Arlington has many lending institutions that provide traditional commercial
loans and small business loans. When it comes to applying for these loans,
the good news is that mostly all lenders require the same kind of information.
Each loan program has specific forms you will need to fill out and will vary
in interest rates, down payments and loan terms.
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