About Lesson
Loan Package Format
6. Personal Tax Returns
Your two most recent personal tax returns.
7. Business Tax Returns
If you have them, include two years of your most recent business’ tax returns.
8. Legal Documents
I. Articles of Incorporation
II. Corporate Resolutions
III. Partnership Agreement
IV. Bylaws
V. Business License
9. Collateral Description
The collateral section will indication to a lender how your company plans to secure the debt. A lender will want to know what kind or type of collateral will be offered and it’s current market value. Even if a business needs working capital, collateral is needed to secure it.
10. Accomplishments if funding is successful
Briefly describe what the funding will allow you to accomplish if you are approved.
11. Statement of owner’s investment
Lenders typically want to see that the business owner is also investing some “skin” into the game. If you are not willing to invest in your business, it is unlikely that a lender will.
Remember to be brief, to the point and make sure your loan package is easy to read. You’ll also want to emphasize your management strengths.