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Bank Loans

Getting business loans from banks is easier comparing the venture capital funds as there are numerous banks offering this thing to you. Nevertheless, business loan process is not much easy. Most of the times you need to have an established business and a property to pledge for getting the business loan. Also if you want business to recover the shortage of cash then getting loan is difficult for you. Creditworthiness is the most important factor which banks checks for giving loans. These tips can enhance your chances of securing a bank loan for your.

Business Loan Application Checklist

Government and domestic economic development authorities and many nonprofit organizations give loans to those small business owners who didn’t qualify for the normal commercial loans. The rate of interest is also low on these loans.

The good thing in these types of loans is that the lenders of these business loans demanded the same kinds of documentation and information from the businesses. Some lenders may ask for some different documents but the most of the forms are same which you need to submit for applying the bank loans. So before applying for these loans you should collect all the necessity information which needed to start the application process. The Research Region team helps its clients by preparing all the documents which needed for applying or getting bank loans.

The basic documents which required for bank loan application are as follows,

Loan Application Form

Loan application forms vary from one institution to another but the information asked on these forms are almost same. Normally these questions are asked on the loan application forms and it is the good idea to get the answers of these questions before filling it:

  • Reasons for applying loan
  • Tasks for which loan is to be used
  • Your complete business process
  • The amount of other loans taken and related information
  • The information of your management team
  • Your personal Information

Personal background information includes your previous addresses, educational background, criminal record, credit rating etc.

Resume

Many banks want proof of management or business understanding, particularly for those firms who are going to start a new business.

Business Plan

All banks require your plan for your prospective business. Research Region helps you to make a sound business plan which contains and will also help you do the all essential documents i.e. financial plans, marketing plan, ration analysis, projected income statements (for new businesses) etc.

Your bank may ask for your personal credit report in the business loan application process. Before submitting the loan application the Research Region advises you to get the personal credit report from all consumer rating agencies. These documents are mostly required from those personnel who want to start the new business.

Business Credit Report

Lenders required business credit reports from those individuals or companies who are already doing business.

Income Tax Returns

Most banks ask to submit the income tax returns from the businesses or individual for last three years.

Financial Statements

Your bank or lending institution may also ask to give projected financial statements either as part of your business plan or separately. The Research Region’s financial analysts also assist you to make the projected financial statements which include the following:

  • Projected Balance Sheet
  • Projected Income Statement
  • Projected Statement of Owner Equity
  • Projected Cash Flow Statement
  • Bank Statements

Collateral

Collateral is the most important thing of which a new business vendor is needed for getting the loans from banks or other financial institutions. It may also vary from customer to customer. Some loan programs may don’t ask for the Collateral. The businesses with higher default risk are required more collateral (the higher the risk the more the value of collateral required). Research Region helps you to avoid putting up more collateral by making sound business and financial plan.

Legal Documents

According to your loan requirements, your bank may ask you to provide one or more legal document. It refers you to make the following document items in order, if relevant:

  • Business licenses and registration documents which enables you to do the business
  • Copies of third party contracts if any
  • Agreements of franchising
  • Lease documents

Keeping records of your all the business is necessary for operating a successful business, but it is critical for you to collect all the business documents if you want to get a loan.

Research Region team helps its clients to complete all the required documents essential for getting bank loan. And we also help you to make the business and financial plans which are highly appropriate and related to your set goals. 

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