Items Needed for Loan Application
1. Personal Financial Statement PFS Form
2. Two years Personal Tax Returns
3. Three years Corporate Tax Returns
4. If a new business we will need a business plan with the following information:
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Give a detailed description of the business and its goals.
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Discuss the ownership of the business and the legal structure.
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List the skills and experience you bring to the business.
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Discuss the advantages you and your business have over your competitors.
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Discuss the products/services offered.
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Identify the customer demand for your product/service.
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Explain the pricing strategy.
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Explain your source and the amount of initial equity capital.
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Develop a monthly operating budget for the first year.
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Develop monthly cash flow for the first year.
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Provide projected income statements, balance sheets for a two-year period.
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Discuss who will maintain your accounting records and how they will be kept.
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Explain how the business will be managed on a day-to-day basis.
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Discuss insurance, lease or rent agreements and issues pertinent to your business.