A Successful Small Business Loan Strategy- part 2

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Supporting Documents Required for Loan Closing

  1. ¨Articles of Incorporation for the Business
  2. ¨Two or three months of current bank statements (personal and business)
  3. ¨Driver’s license
  4. ¨Signed authorization for release of credit information
  5. ¨Signed authorization for release of IRS information (4506T
  6. ¨Proof of citizenship or legal status.

 

(For loans with real estate collateral, additional information will be required, including an appraisal, an environmental Phase 1 report, copies of all contracts relating to the real estate, and otherrelevant documents.)

You now have a path towards your goal; accessing capital.  And if this works you do not need to find an investor, sell an interest in your business or seek funds at high interest rates. If your banker is not ready to lend to your business because of internal policies, there  are other bankers waiting to provide the service and handle your banking needs.  They will ask that you keep your operating accounts in their institution if they are going to provide the funding.  It is a fair trade.

Good Luck!

Related articles:

There is No Free Lunch, but There Is a Strategy to Funding

Four Basic Principles for Raising Capital

Small Business Capital, Digital Lenders and Angels