To successfully apply for & receive a business loan, you must know:

• What the purpose of the loan is
• Exactly how much you need
• Your plan to repay it

The loan officer will probably request a copy of your business credit report. The loan officer will consider the following, based on your provided information and your business credit report:

• Have you invested a significant amount of savings or personal equity into the business for which you are requesting a loan?
• Do you have a record of credit worthiness?
• Do you have the training and experience needed to run a successful business?
• Do your business plan and loan proposal show that you are knowledgeable about your business/trade? Are you committed to the success of the business?
• Is the cash flow sufficient to manage the monthly payments?