Is your company ready for growth, but needs some financing to jump-start it

If you are ready to expand your business, you may need financing to help fund a new facility, additional equipment, a larger inventory, new marketing, or any number of things to help you grow the business.  If you will be approaching lenders or investors, you will need a business plan that details the expansion plans and how the money will be used. In this case, the business plan is written in the context of a business that is already open and shows how the new monies would be spent, what new sales are anticipated, and how any loans would be repaid.  Request a consultation with a business coach, who can help you write your business plan, prepare your application, and find a lender.

Qualifying for Loans

There are some key points that lenders look for when deciding whether to grant you a business loan.  For more information, see Fund a Business – Qualify for Business Loans.

You should have these documents prepared when asking for a loan:

• Profit and Loss (P&L) statements from the past few years
• Executive Summary or Business plan
• Sources and Uses of funds worksheet
• Personal financial statement showing assets, debts, and total net worth
• 3 years of personal tax returns
• Documents proving possession of collateral
• Resumes of each partner with a stake of 20% or more
• Copy of incorporation papers (if applicable)