Getting a Business Loan

1. Approach banks or lending institutions you have worked with or are a customer of

2. Bring the following documentation:

• Your business plan
• Personal and business credit history
• Personal and business financial statements for existing and startup businesses as well as projected financial statements
• Cash flow projections for at least a year, and
• Personal guaranties from all principal owners of the business

3. Be aware of the 4 Cs of Credit

Credit is awarded based on capacity, collateral, character and credit score. Be prepared to address each of these.

Need help?

• The Small Business Administration (SBA)
• SCORE
• National Federation of Independent Businesses (NFIB)