WHAT YOU NEED TO APPLY
WE WANT YOU TO BE CONFIDENT
We want you to be confident in your application and increase the probability of approval. Preparation is key to success in this process. Before you apply, you'll want to review that you have completed your business plan and financials. If you need assistance, see our list of resources to guide you on the application components.
BUSINESS PLAN OUTLINE CHECKLIST*
(source: U.S. Small Business Administration)
A business plan is an essential roadmap for business success. This living document generally projects out three to five years and outlines the route a business or organization will employ to grow its revenue. As you prepare the sections, it is essential to consider how to make your business plan stand out. What makes your business unique? Determining this could help you stand out from the crowd and give you advantages over your competitors.
Your executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals.
Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves.
During this process you will need to research your industry, customers, and competition. As you begin, keep the following in mind:
Industry: Ask yourself what the current state of your industry is both locally and nationally. Take the time to understand current demand for your services and pinpoint areas of your business that present opportunity for growth in the future.
Customers: Explore census data to research local demographics.
Competition: Understanding how your competition functions will be vital to your business performance. Research your competition's price points, advertising, location and customer service.
ORGANIZATION AND MANAGEMENT
Every business is structured differently. Find out the best organization and management structure for your business.
SERVICE OR PRODUCT LINE
What do you sell? How does it benefit your customers? What is the product lifecycle?
MARKETING AND SALES
How do you plan to market your business? What is your sales strategy?
If you are seeking funding for your business, find out about the necessary information you should include in your plan.
If you need funding, providing financial projections to back up your request is critical. Find out what information you need to include in your financial projections for your small business.
An appendix is optional, but a useful place to include information such as resumes, permits and leases.
IF YOU HAVE A NEW BUSINESS: Pro forma
IF YOU HAVE AN EXISTING BUSINESS: Three years of balance sheets, three years of profit and loss, debt schedule, cash flow, personal financial statement.
Documents to prepare and assemble to improve your loan application.
Business Tax Returns
Business Licenses and Permits
Employer Identification Number
Profit and Loss Statement
Cash Flow Statement
Details of Other Loans
Proof of Collateral
*These checklists are not intended to take the place of any of the recommended resources.