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
- Personal financial information for each owner of the business
- Personal history for each owner of the business
- Sources and uses of funds
- Three-year projections of income and expenses
- Three years of profit and loss statements (for existing businesses) or a short business plan summary (for startups)
The Arkansas SourceLink network has Resource Providers who are skilled in helping business owners prepare their loan applications.
Find counseling in your area through the
Resource Navigator.
Follow the link and search for Loan Packaging under Financial Assistance.