Below is the minimum information you must make available to lenders and
1. Discussion of the Business
* Name, address, and telephone number.
* Type of business you are in now or want to expand or start.
2. Amount of Money You Need to Borrow
* Ask for all you will need. Don’t ask for a part of the total and
think you can come back for more later. This could indicate to the
lender that you are a poor planner.
3. How You Will Use the Money
* List each way the borrowed money will be used.
* Itemize the amount of money required for each purpose.
4. Proposed Terms of the Loan
* Include a payback schedule. Even though the lender has the final say
in setting the terms of the loan, if you suggest terms, you will
retain a negotiating position.
5. Financial Support Documents
* Show where the money will come from to repay the loan through the
following projected statements:
– Profit and Loss Statements (one year for working capital loan
requests and three to five years for growth capital requests)
– Cash Flow Statements (one year for working capital loan requests
and three to five years for growth capital requests)
6. Financial History of the Business
* Include the following financial statements for the last three years:
– Balance Sheet
– Profit and Loss Statement
– Accounts Receivable and Accounts Payable Listings and Agings
7. Personal Financial Statement of the Owner(s)
* Personal Assets and Liabilities
8. Other Useful information Includes
* Letters of Intent from Prospective Customers
* Leases or Buy/Sell Agreements Affecting Your Business
* Reference Letters
Although it is not required, it is useful to calculate the ratios described
in Chapter III for your business over the past three years. Use this
information to prove the strong financial health and good trends in your
business’s development and to demonstrate that you use such management
tools to plan and control your business’s growth.
hey, I’m Kim + I am ridiculously passionate about helping you to work smarter and not harder + to realize how freaking amazing you actually are, exactly as you are and how easy business really can be when you are in alignment + simplify + add systems to organize your business + plan your business growth. I’ve been geeking out about online business, online marketing + systems + personal development + all that stuff since I created my first business back in 2006 + sold it.
This whole business owner thing is not for the faint of heart, there is a reason why most businesses fail!
While the road to burnout doesn’t look the same for everyone on it there are some similarities you typically experience on this path!
- You’re always in the weeds of your business
- You don’t have efficient systems and processes (or maybe none at all)
- You aren’t delegating effectively
- You can’t take time off
- You’re trying to do too many things at once + wearing all the hats
It’s exhausting just thinking about it! But there’s a way off the hamster wheel!
If you’re overwhelmed, overworked, stressed out, and worried that if you take time off the bottom will fall out from beneath you and your business will fall apart.
Then, you are in the right place my friend, been there, done that, got the tee-shirt and I’d love to support you in ending the cycle!