Loan Prep 101: Preparing to Obtain a Small Business Loan

Event description

This course will help anyone thinking of starting a business and needs a loan or any existing business owner who needs expansion loans. We will discuss SBA programs and how they interact with the lending process and provide resources to assist you in loan application processes including the following:

Prepare to request more funding
Anyone who gives you funds wants to feel confident that their investment will pay off. Prepare a business case and financial statements to convince lenders, crowdfunders, or investors to fund your small business.

Make your business case
You’ll need to make a solid business case for more funding. Produce a short statement with the total requested amount and specific reasons for it.

Prepare financial statements
Display that your business is doing well with financial history statements. Show how your business has grown by reporting revenue, expenses, and profit over time.

Show how your business will grow in the future with a forecast. Your business forecast can be based on intuitive judgement, quantitative analysis, or both. Show your projected revenue and expenses, and clearly explain how you arrived at those estimations.