Why does applying for a small business loan always seem so complicated? Well, it doesn't have to be that way. At First Union, our only focus is to help business owners get the money they need when they need it.
Just fill out our online form today and we'll review your loan application for approval as quickly as possible. Often, a business will get a decision the same day, and then the funds will hit your account within 1 to 2 days. We also have funding experts available to discuss any of the documentation requirements with you from tax returns to credit scores to business financials.
Ready to get started? Here's a list of the top 18 requirements you'll need to have available and links to helpful articles for each topic.
These can include items such as third-party contracts, vendor/supplier contracts, and agreements as well as real estate contracts you may have executed.
A commercial lease lays out the terms of your occupancy when it comes to brick-and-mortar office or warehouse space.
This refers to the number of ownership and/or partnerships in which you or any other principals may be involved.
Current accounts receivable (A/R or AR) and accounts payable (A/P or AP) aging reports document how well your business collects on payments owed for goods and services.
A Business Debt Schedule should include all current outstanding debts.
Lenders generally require anywhere from 2-3 years worth of tax returns.
These documents involve any state permits and/or licenses needed to operate your business. Along the same lines, the lender will also want to see proof of ownership.
There are four principal entity categories: sole proprietorship, partnership, limited liability company (LLC), and corporation.
Certain industries tend to be riskier than others.
Your credit score will most likely factor into the interest rate that you receive.
Your income statements should include profit and loss statements, balance sheets, and bank statements.
Collateral includes real estate holdings, your personal home, equipment, vehicles, company inventory, or other items that are at risk in the event that you default on your loan.
Lenders need to know what the funds are being used for.
Take time to calculate the total amount you want to try and procure.
This credit score takes into account your timelines as far as payments to creditors and suppliers.
Essentially, the business plan helps spell out your goals and make financial projections.
Some lenders like to see that a company has been in business for a minimum of two years.
An Employer Identification Number or EIN, also known as a Federal Tax Identification number is a unique identifier for business identities.
First Union wants to help small businesses thrive and ultimately grow. This is why we do what we do. With short-term loans, merchant cash advances, and equipment financing, among other loan types, we have a solution to fit your specific business needs.
There is no off-the-shelf approach with us. Our representatives will walk you through the process every step of the way. Call 863-825-5626 today and let's get started.