Today we’re continuing our look at some of the most frequently asked questions that we’ve received over the years, by answering an inquiry that comes up many times throughout the day: “What do I need for a business loan?”
What the Banks Require for a Business Loan
If you apply for a business loan from your bank -- which is certainly your choice if you decide that’s the right decision for you -- then you should be prepared to submit many official documents, including:
Again, this is not a comprehensive list, and some small business loans – especially those offered in conjunction with the Small Business Administration (SBA) – will require much more documentation. Furthermore, if any documents are deemed by the bank to be incomplete – or frankly, if they just misplace them or claim they never received them in the first place -- then you’ll need to re-submit them. This will further delay the business loan application processing time, which can take anywhere from a couple of months, to more than half a year.
At Shield Advisory Group, we know what “real life” is like in the small and mid-sized business world, because that’s where we come from, too. Specifically, we know that the vast majority of business owners – if not all of them – don’t have 50+ hours to collect and submit business loan documents, and then wait months for their application to be evaluated.
And that’s why we offer a streamlined application process that can be completed online, and requires only the following information:
As you can see, we do NOT require tax returns, P/L statements, resumes, business plans, or any other documents. What’s more, you don’t have to have 2+ years of credit history, of have perfect credit.
At most, once we receive your completed application, we’ll ask you to provide us with a monthly cash flow chart or table that helps us determine the optimal business loan amount to offer you. If you need help preparing this information, our experts will be happy to guide you and make the process straightforward and efficient.
Contact Us to Learn More
To learn more about our transparent business loan programs and streamlined “business-friendly” application process, contact us today for your free, no obligation consultation.