What do you need to know?

Etiam ut purus mattis mauris sodales aliquam. Proin magna. Curabitur suscipit suscipit tellus. Nullam sagittis.

Donec mi odio, faucibus at, scelerisque quis, convallis in, nisi. Sed magna purus, fermentum eu, tincidunt eu, varius ut, felis. Etiam imperdiet imperdiet orci. Phasellus magna.

For businesses that are not bank readyFor businesses that are bank ready
  • Understand your numbers
  • Have regular meeting with your accountant
  • Know your personal credit score
  • Establish a business relationship with a banker
  • Have the ability to tell the story of your business in a compelling way
  • Meet and discuss with your business advisor SBTRC/SBDC
  • Prepare a business plan, executive summary, capability statement
  • What is the business opportunity? (new project/contract?)
  • How much money do you need (project cost/source of funds)
  • Organize your financial statement with your accountant
  • Know the 5C's of credits
  • Put everything together in your business loan proposal business plan (ex: summary, capability statement)
  • Meet and discuss with your business advisor & identify financing sources
  • Submit documentation of your loan package

Business loan application checklist
Be sure all of the following documentation has been included to process your business loan application:

Business loan application
Business federal tax returns for past three fiscal years
Interim financial statements (if available)
Accountant-prepared business financial statements (profit and loss, balance sheet) for the past three fiscal years
Most recent federal tax returns for each principal owner listed in the first section of the business loan application
Personal financial statement, organizational papers (articles, dba papers, etc.)

What are your financial alternatives?

+ Family and friends
 

Crowd sourcing/peer-to-peer networks
 

+ Angel investors/venture capital (VC)
 

+ Traditional banks without SBA guaranteed loans
 

+ Alternate lenders

     - Credit Unions

     - Community Development Financial Institutions (CDFI)

Alternative lenders in the NYC market

+ BOC Capital Corp
https://boccapital.org/
 

Ascendus
https://www.ascendus.org/
 

+ Grameen America 
https://www.grameenamerica.org/
 

+ TruFund Financial Services
https://www.trufund.org/
 

+ Pursuit
https://pursuitlending.com/
 

+ Women's Enterprise Action Loan Fund
https://www.wealf.org/

 

Looking for more tips to finance your small business?

Watch our Small Talks video recap now

Suspendisse feugiat. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Sed aliquam, nisi quis porttitor congue, elit erat euismod orci, ac placerat dolor lectus quis orci. Quisque id odio.

 

Nam eget dui. Duis leo. Suspendisse potenti. Cras sagittis. Nam commodo suscipit quam. Nunc nulla.

To learn more about Optimum Business Solutions that can support your small business contact us today

Helpful Links

One-click access to resources for planning and growing your business from the SBA and the nation’s largest network of free, expert business mentors.