Roadmap to be Bank Ready | Suddenlink Business

What do you need to know?

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For businesses that are not bank ready	For 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

For businesses that are not bank ready

For 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

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

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