Requesting a loan to start a new business or expand an existing one requires the business owner to become familiar with the documents in a loan package. Once you have gathered the information and documents needed, knowing how to organize the loan package is the next step. Because presentation is key, this is actually one of the most important steps in the process.
Documents in a Loan Package
If you are trying to sell the idea that your company is worth investing in, then the loan package will be your first impression to the lender. They would be more apt to consider a loan package that is easy to read and follow, then one where information needed for consideration is hard to find and extremely difficult to decipher through. This means spending more time than they would normally spend when reviewing a loan package.
This brings us to our last point; only include information in the loan package that is relevant to the matter at hand. You do not want to include information that overwhelms the lender or wastes their time….get to the point. The goal is for your company to come across as a good investment for them and not an expense.
Click here for a link to an article that further discusses preparing a loan package.
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