GROWING A BUSINESS

 

To begin the process of developing a loan package, you need to do some planning and gather some materials. Knowing how much money you need, what you plan to use it for, how you plan to repay borrowed money and who plans on using your products and services will aid you in getting a loan.

 

Here are the steps to begin.

  1. Take the online training, Developing a Loan Package, at http://app1.sba.gov/training/sbalp/ and obtain the Certificate of Completion.
  2. Begin developing your Business Plan
  3. Collect past 3 years financials
  4. Prepare Personal Financial Statement
  5. Prepare 3 years of month by month projections
  6. Develop the Sources and Uses of Funds
  7. Prepare a Debt Schedule

The Small Business Development Center can assist you in putting your loan package together. To work with the SBDC, complete and return the following forms: Statement of Understanding, Counseling Information Form, Business Needs Assessment, Application for Loan, GFDA Assistance Agreement, Confidentiality Policy Loans Form and Initial Assessment for Existing Businesses so that the SBDC counselor can adequately assist you.

Once your assessments and request for counseling are received, you will be contacted to schedule a time to meet with the SBDC counselor. The SBDC has the ability to provide you with some extensive market and industry research, strategic financial analysis, and resources to generate profits. We look forward to working with you. Thank you for choosing the SBDC.

For additional information you may also want to review the following documentation: Why Business Plans Don’t Get Funded, Project Sources, and Government Contracting.

Still have questions? Contact Jason Nitschke at (406) 750-0314