How exciting! You are starting your own business! You can envision it in your mind! You have all those plans! or are you an existing business? We require information to start the loan process.
First of all, you need to get it all down on paper and do a business plan. In a business plan, you need to include the following:
- The name of your company
- What is your product or service?
- What is your competition?
- What is your market? Your market plan? Your sales objectives?
- What are your business risks?
- How many owners will there be? Sole Proprietor, Partnership, Corporate?
- 3 years of historical information on the existing business
- Monthly projected income and expense statements for the upcoming year
- Personal resume, personal net worth statement and last 3 years of personal income tax returns of each owner
- What are your credit needs?