The following information is needed for purchasing an existing business: current balance sheet and P&L statement of business to be purchased; previous two years federal income tax returns for your business; and proposed bill of sale including terms of sale asking price with schedule of inventory, machinery and equipment, furniture and fixtures.
You may also be required to provide projected financial statements, either as part of or separate from your business plan. It’s good to have financial statements prepared and ready to go, in case you need to submit these documents individually. The following forms may be used to prepare your projected financial statements:
Many loan programs require one year of personal and business bank statements to be submitted as part of a loan package. If you have business partners with more than a 20 percent stake in your business, they may be asked to submit signed personal financial statements.
Collateral requirements can be different depending on the type of loan you are applying for, and strong business plans and financial statements can help you avoid putting up collateral. It’s a good idea to prepare a collateral document that describes cost/value of personal or business property that will be used to secure a loan.
If you’re already in business, be prepared to submit a business credit report as part of your loan application. As with the personal credit report, it is important to review your business’ credit report before beginning the application process.
After determining the loan types you qualify for, you may be able to find a loan application form online or from a lending institution. This form will ask for your business and personal financial information, and will outline all of the documents and supporting materials you will need to apply for a particular loan.
Most loan programs will require you to submit a sound business plan with your loan application. Your business plan should include a complete set of projected financial statements, including profit and loss (P&L), cash flow and balance sheet. If you need help preparing your business plan, the Small Business Administration provides resources at the links below.
Community Centro Partners also offers an app to help you create and maintain a business plan using just your phone or tablet
Antes de entrar al banco o llenar una solicitud en el internet, es esencial que estés preparado para tener las conversaciones importantes que te ayudarán a conseguir financiamiento para tu pequeño negocio. Aquí encontraras algunas preguntas que debes considerar antes de tener esta conversación tan importante.
Sobre el prestamista:
Throughout Women’s History Month, we celebrate the economic, social and political contributions that women make to our world. Women account for roughly half of the American workforce, attain higher levels of education than men and are an increasing share of primary or solo breadwinners. There is no doubt that for America to thrive, we must promote the economic empowerment of women. Central to women’s economic success is women’s entrepreneurship, which contributes significantly to overall economic growth and prosperity.
Working with a coalition of lenders and advocates, we have identified the fundamental financing rights that we believe all small businesses deserve.
Compared to bank loans, the application process is a lot more pleasant. The interest rates are higher than what banks would offer but it’s more accessible and convenient. Some common term loan providers are Funding Circle, Dealstruck, and Fundation.
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