Funding your small business: how to put together a financial package to obtain a commercial loan
Monday, 23 April 2012 15:46
Lenders have several expectations when being approached by a company for a commercial loan. There are many documents you can have ready to increase your chances of successfully obtaining a commercial loan. Some of the more basic requirements include:
- Financials: ranging in quality from company prepared financials to audited financials, you will typically be required to provide three years of your most recent historical statements and a current year-to-date statement
- Business plan: show the lender why you want a loan and what you plan to do with the money
- Projections: your business’s cash flow projections will provide financial data that show you can repay the commercial loan
Some companies can assist in reviewing your financial package for completeness and assisting you with gathering all required documents. At CNF Exchange, the Request Review option of our small business loan exchange service includes a review of your financing request by a senior analyst to see where you stand as a borrower. This option is great for those who want help identifying key elements needed for a smooth, successful transaction and for those who want to be featured as a Qualified Borrower. If the Request Review shows that your request is not complete, you can add the necessary items yourself or with CNF Exchange’s assistance.
CNF Exchange will not only help gather all documents, but can also put together business plans and cash flow projections on your behalf.
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