Applying for a small business loan from bank, what should I bring to be prepared? Some sort of bus. proposal?

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We (my husband and I) are going into the bank tomorrow to apply for a small business loan for a mortgage company. We have already established the incorporation 1 month ago.

My husband is a mortgage loan officer and has 5 yrs. experience. We would be using the money for renting an office, advertising, purchasing supplies, etc.
Our only concern is that our credit is poor.

What should I bring with me to convince the bank that our business would be a good investment for them?

5 Comments
  1. Reply
    imisidro
    February 2, 2011 at 7:39 pm

    The bank will just give you an application form to fill up. You give them your info — SSN, etc. and they will start pulling your credit reports.

    When you come back with the application form filled up, include a sort of summary of a business plan with a description of the business, financial projections, cashflow, etc. (you don’t have to write 50-100 page business plan — if your credit is bad, they may not even want to read your business plan, just disapprove you outright)

    Then bring documentation of your assets and collateral that you will need, from bank certificates, stocks, etc.

    However, with poor credit, you stand a lower chance of getting a loan — unless you can demonstrate you have substantial collateral and equity investment in the business

    But talk to the loan officer or manager and ask him/her what you can show them to improve your chances of getting the loan

    Remember banks only want one thing: the security that they will get their money back — with interest.

  2. Reply
    vadde2007
    February 2, 2011 at 8:07 pm

    first u went to bank ask the manager he sugest loan offier then u go on ezplain ur needs to start a business plan when ever go to bank u did not tell ur bad credit and ur poor credit all the douments shows ur strenths

  3. Reply
    Henry The Dog
    February 2, 2011 at 8:07 pm

    You are premature in going for a loan. No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.

    Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.

    SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

    SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.

  4. Reply
    Catar F
    February 2, 2011 at 8:55 pm

    if you did not get approve from the bank, go to
    http://www.orbitbusinessloans.com/
    http://www.orbitmerchantsolutions.com/
    :: No Credit Report required, Bad credit ok
    :: No collateral required
    :: No Upfront fee
    :: Simple Application process
    :: No set monthly payment
    :: No Application fee
    :: Unsecured Money

  5. Reply
    Joy Trust
    February 2, 2011 at 9:16 pm

    Hello Everybody,
    My name is Joy Trust, i live in U.K. just a few month ago i was in search for a loan of € 7,000 Pounds as my family was running out of money for feeding and my education. i was scammed about € 520 Pounds and i decided not to involve my self in such business, finally colleague of my introduced me to a loan firm due to my appearance and doings. I made a trial and i am most grateful am i today, i was given a loan amount of € 9,000 Pounds by this great firm Luckson Loan Inc. managed by Mr, Jerry Luckson.
    If you are in need of a genuine or legit loan or financial assistance and you can be reliable and trusted of capable of paying back at the due time of the funds i will advice you to, contact him via email jerryluckson41@yahoo.com and free from scams in the net.

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