Once you've determined that an SBA/USDA (or other government program) or traditional bank loan is the right kind of financing for your business, you'll need to package your financial information in a way that makes it easy for a lender to make a favorable decision. At the very least, you will need to provide:
- Basic information about your business
- Basic information about the loan you are requesting
- Financial information about your business
A
Business Summary will help you capture that information.
Each owner will be asked to provide personal financial statement, as well as statements of personal history. Fill out a
Personal financial statement and
Personal history.
Banks will also want to see how you will use the funds. A
Sources and Uses of Funds summary will help you organize your financial details. We recommend that you save this to your own computer.
Finally, your lender will want to see three-year projections of income and expenses as well as three historical years of profit and loss statements.
The Arkansas SourceLink network has Resource Partners who are skilled in helping business owners prepare their loan applications.
Find counseling in your area through
Follow the link and search for Loan Packaging under Financial Assistance.