Before heading to your meeting with your business loan officer, you just make sure that you have everything ready. When applying for a business loan, you should have the documents and numbers that you were asked to prepare. But you should also prepare some information that you feel they may need. To give you a good idea, here are some of them below.
Intended use for the funds when applying for a business loan
One of the really vital pieces of information that you will have to give your loan officer is your plan on how to use the funds, should your business loan be granted. This will definitely give them an even better picture of how your company plans to succeed, and whether or not there is potential growth in revenue after the loan is granted. Lenders want to be assured that you can repay them despite the loan. Financial growth is something they look for.
Business age
For many lenders, this is the first piece of information that they look at. Many of them will require their loan applicants to be in business for at least a year or two. As you can tell, business age will show your lenders that your business venture is already stable. Also, having more years in the business means that you can pull up more data to try to impress your loan officer.
Creditworthiness when applying for a business loan
It’s no surprise that creditworthiness will be a factor when applying for a business loan. If you can impress them with your personal and business credit reports, then you will have the green light for the loan. This assures them that you have got financial management skills. That you are responsible enough to pay back money that you’ve borrowed in the past. If you fail to impress them with this, you can always put up collateral to secure the loan.
Revenue
Of course, revenue is the most important data that you can pull up to try to impress your loan officer. This is solid proof that your business is doing well and that you will be able to repay the loan you have according to the terms that are about to be set. However, do take note that lenders are looking for consistency in this department.
