The process of taking out a loan begins before you meet with a lender. Preparation is key to make the process as smooth and efficient as possible. Here are three steps you can take to lay a solid groundwork if you are preparing for an SBA loan.
Ask Yourself the Right Questions
Begin by making sure that you know the answers to some basic questions. While some of them may seem obvious, don’t underestimate them. Lenders need to know that you have clear business goals and that you have a precise idea of the amount of money you need to achieve them.
- Why do I need a business loan?
- How much do I need and why?
- Do I have all the necessary documentation on hand?
- Can I afford to make the payments?
Get Your Ducks in a Row
Preparing some relevant documents in advance will make the lending process more agile and manageable. Not only will this precaution help you save time, but it will also give you a deeper perspective into the situation of your business. These are some of the documents you need (please note that they may vary according to the lender):
- Statement of purpose
- Business plan
- Cash flow statement
- Income statement
- Balance sheet
- Personal financial statement
If you don’t have all these documents ready, ask your accountant; they should be able to help you and offer you guidance. (more on that in just a second.)
Ask for Help
As savvy and determined as you are, it’s important to enlist the help of people whose expertise and skills you trust. No man is an island, as the old saying goes, so this is the time to scour your network for friends and acquaintances who can help you prepare for your SBA loan.
If you have a business mentor, discuss your plans with them. The same goes for your accountant and insurance agent. They may help you flesh out your business plan and offer important perspectives you haven’t considered.
Gellyfish: Certainty of Execution in Financing
Looking for SBA loans in California, or anywhere in the United States? Gellyfish is here to help. We offer financing with the certainty of execution you need to take your business to the next level.
Contact us today by email (info@gellyfishcommercial.com), telephone (877-800-4493), or social media (Facebook, Twitter, LinkedIn), to schedule a free consultation or to learn more about our full range of financing options.
