In addition to your business plan you will also be required to put together various financial projection reports. You will need to document the collateral that you have including real estate, vehicles, equipment, prepaid services, and contracts for work or products. You will also need to sign forms that give the lender permission to get a copy of your credit report. Next you will need to complete the application form and put together your application package following the instructions that came with the application. Finally you will need to meet with the lender for an interview. During this interview you will basically pitch your business idea and provide the lender with an argument about why your business will be successful and what you have to offer that your competitors don’t.
The process of applying for and getting small business start up loans is not an easy one. It will take a lot of work, a lot of time, and a lot of frustration. However, you can improve your chances of being approved for a small business loan by following the instructions carefully, meeting deadlines, submitting all of the required documents, formatting your reports correctly, and by projecting an air of professionalism at all times.