Sponsored by the U. S. Small Business Administration
and
The Madison County Chamber of Commerce

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Preparing for a Bank Loan


Be prepared with all the information a bank is likely to ask for when you make application for a business loan. Here is a checklist to help you with your preparations:

1. You need a detailed description of the business including the product or service, market data, start-up-costs, equipment, working capital and inventory.

2. Explain your experience and capability and those of any associates.

3. Prepare a financial estimate of your own resources, your associates' resources, and how much you need to borrow.

4. Make a list of all personal assets and liabilities.

5. Try to project expected cash flow for the first three years of your new business.

6. List the collateral you and your family can come up with to secure the loan you need.

7. Review your business plan with a bank loan officer. If you are turned down for a loan, ask for a bank loan under the SBA's Guaranteed Loan Plan. Your bank will then deal directly with the SBA loan officer that serves your area.

8. Before approaching the loan officer, you may want to review your plans with SCORE!

We are interested in your success and would appreciate being advised of your progress! For help in developing a business plan and finding professional, contact SCORE to schedule a counseling session at no cost to you.



Contact us by calling The Madison County Chamber of Commerce at (765) 642-0264 or write to:

SCORE
Union Bldg, Suite 211
1106 Merdian Street
Anderson, IN 46016

You may also send E-mail to us at
PostMaster@ScoreAnderson.org