Finding Solutions for Growing Businesses
COMMERCIAL LOANS
THE LOAN APPLICATION PROCESS
Applying for a commercial loan is a new experience for many small business owners. Understanding the process and what you need to provide will make it easier for you.
This section explains the loan application process including:
- How to prepare your loan package
- Why a lender needs your information
- How a lender uses your information
- How a lender structures your loan
Before Talking to a Lender
Before talking to a lender about your loan, you should compile some important information. This information is critical to a lender and is called a "loan package".
What is a Loan Package?
A loan package is the information a lender needs to understand:
- What your business is
- Where it has been
- Where is it going
- Why you need a loan
- How you will repay a loan
The information in your package should include:
- Business description
- Business and personal financial information
- Written loan request
The business description, business and personal financial information and the written loan request are also major components of a business plan.
Continue to The Package Itself
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