#1 Business Banker
A business banker is your advocate and having an advocate within the bank is critical and will help streamline each finance process for you but will always champion inside the bank. A good business banker will evolve into a trusted advisor and with their exposure to numerous businesses, they can be a great catalyst for ideas and future financial needs. A dedicated business banker will always provide a commitment to you and your business.
#2 Business Plan
A sound business plan is your guide to success and an important tool for financing. A business plan will guide you to obtain everything that’s on your mind on paper. It allows you to list all of your goals and plans for achieving success. A business plan will help sell your business since it explains everything about your company. It will help develop your niche and goals. Most of all a complete set of financial statements is needed. To be taken seriously, you will need a complete business plan.
Each and every loan has specific forms you will need to complete and documents needed to submit, but much of the same information is required.
- Personal Financial Statement (PFS) is the bank’s primary tool to analyze the asset, liabilities and contingent liabilities of individuals.
- Income Tax Returns are required from each applicant to submit for the previous 3 years business and personal.
- Financial Statements are required by owners with more than a 20 percent stake in the business. Also needed is a projected financial statements either as part of, or separate from, your business plan.
- Bank Statements are requested to review the personal and business account.