Small Business Loans

Right now lending is as tight as it has ever been, however, it is not impossible to get a loan. We have had several clients obtain financing over the past year, but they were more than qualified. I often get questions about how to get a small business loan. Below is what a bank is commonly looking for, especially in a start up business.

Obtain capital/loan if necessary. You will need the following:
1. A complete business plan that discusses how this loan will positively benefit your business.
2. A sources and uses list:
*How much the entire project will cost.
*How much of your own money you are putting into the project (20-25%).
*How much money you need to borrow.
*Provide a list of how the funds will be used (be specific).
3. A completed personal financial statement.
4. Two to three years of tax returns.
5. Cash flow projections for one to three years.
6. If applicable: Copy of leases, purchase and sales agreements, partnership agreements.
7. A completed loan application (provided by the lender).
Any other information that you feel may be helpful to the lender.

The TSBDC offers free and confidential one-on-one counseling for existing and start up small businesses. To register for go to www.tsbdc.org.Other contact information - Phone (615) 230-4780 www.volstate.edu/tsbdcThe Tennessee Small Business Development Center Network is funded by the U.S. Small Business Administration and local community donors.