What do you need to know?

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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


+ Grameen America 

+ TruFund Financial Services

+ Pursuit

+ Women's Enterprise Action Loan Fund


Looking for more tips to finance your small business?

Watch our Small Talks video recap now

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

Helpful Links

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