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Successfully Prepare to Apply for a Business Loan

Person signing First State loan document
Whether you own a local small business or a large organization, applying for a business loan can be an intimidating task. Having an experienced lender to help you through the process is important, but what else can you do to set yourself up for success when getting ready to apply for a business loan? Our lenders put together three tips to help you get organized before you apply. 1. Collect your documentation. Be prepared to provide two years of historical financial records along with business projections for the years ahead. The documents and paperwork needed may vary depending on the financing option you choose and which financial institution you are working with. Some of the most common documents you’ll need to provide include: Your business and personal tax returns Business and personal bank statements Business financial records Updated personal financial statement Business legal documents, such as articles of incorporation, franchise agreements, business tax

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