You're passionate about your business and you love what you do, but the day-to-day running of a business is hard. It can also be a solitary job, with the stress of payroll, clients and decisions about next steps all on you. One of the best ways to help yourself, and your business, is to get a business mentor, someone who has been there and done that to be your support.
You know you're ready for your business to compete for federal contracts, but you don't know how to navigate the red tape involved. These steps break down the various requirements involved in becoming and staying a federal contractor.
Include personal résumés for each principal, including yourself.
Include a list of names and addresses of any subsidiaries and affiliates, including concerns in which you hold a controlling interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with you.
Include records of any loans you may have applied for in the past.
Provide a brief history of your business and its challenges. Include an explanation of why the loan is needed and how it will help your business.
Include a copy of your business lease, or note from your landlord, giving terms of the existing or proposed lease.
Most loans will require details of your business’ most current financial position. Before you begin the loan application process, make sure you have accounts receivable and accounts payable records available.
Your lender may require you to submit one or more legal documents. Make sure you have the following items in order, if applicable:
Include signed personal and business federal income tax returns of your business’ principals for the previous three years.
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