Loan Preparation Checklist

When you apply for lending through Business Impact NW, we'll help you get the funding that you need to support your business.  We work with you to ensure your business plan and materials are put together so that the commercial loan process goes smoothly. Whether you need funding today or in 6 months, our readiness team will work with you to put together a successful application, from your business plan to financials and more.

Things You Should Know

• The 5 Cs of Financing - this is the lens we use to evaluate your ability to successfully pay back a loan.
• There are free resources you can use to support your personal finances and business plan - from understanding your credit report or building your personal finances, to legal advice and market research - all from trusted partners.
• We provide free help, too!
  • Free loan preparation coaching - Loan Readiness Center - get help to prepare your loan application and package, and more.
  • Free business loan classes - classes cover topics such as financial management, basics of funding, understanding credit, and more.
  • Business plan support - Launch & Grow - a 7-week class to help you write a complete business plan  - an essential startup resource for your loan application

Materials Needed for Your Loan

Gather these materials to help your loan process go smoothly after pre-qualification.  Items with a * indicate those you will also need for pre-qualification.  The below factors are general indicators of loan readiness, typically looked at by financial institutions like us.

Startup Businesses

• *Business Plan
  • Business Model Canvas or
  • 3-5 Page Plan or
  • Complete Plan from taking Launch & Grow class
• *Collateral
• Bad Credit?  Supply the reason why
• Down Payment (15-20% is typical)
• *Financial Projections for 12-24 months. Note:
  • Ensure these are based in the typical industry or sector standards.
  • Will your business's projected revenue support your business and any other debts in 12 months?
• The resumé(s) of anyone owning 20% or more of the business
• Your personal tax returns for the last 3 years
• Recent mortgage statements (if applicable)
• Documentation of the value of significant personal assets (if applicable)
• Your personal bank statements
• *Your Personal Financial Statement
• *Basic personal and business info, to include:
  • Loan purpose, amount, type and length of repayment
  • Use of your loan
  • Estimates of funds in your bank and retirement accounts
  • Monthly salary and/or other income
  • Monthly debt payments, including mortgage, rent, student loans and/or credit cards

Established Businesses

• Business Financials in your format, or use ours. Also include:
  • Balance Sheet
  • Income Statements (3-5 years)
  • Tax Returns (3 years, business and personal)
  • Demonstration of enough revenue to support operations and debts
• Operating Agreements
• Licenses
• *Collateral
• Bad Credit?  Supply the reason why
• Down Payment (15-20% is typical)
• *Your Personal Financial Statement
• *Basic personal and business info, to include:
  • Loan purpose, amount, type and length of repayment
  • Use of your loan
  • Basic information  anyone owning 20% or more of the business
  • Estimates of funds in your bank and retirement accounts
  • Monthly salary and/or other income
  • Monthly debt payments, including mortgage, rent, student loans and/or credit cards

If you still need to work on your business plan and aren’t ready for a loan, our coaching and classes can guide you through the lending process.  From the development of your business plan and marketing plan, to your cash flow projections and other financials, we provide you with personalized support.

Check out our other services that are right for you whether you're just Launching Your Business, or Growing Your Established Business: