Below is the minimum information you must make available to lenders and
investors:
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
* Resume(s)
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.
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