Loan Application Process

Prepare a Successful Loan Package
MDSBTDC’s consultants provide no-cost lending and loan packaging assistance. They guide you through the financial projections, statement of sources and uses of funds, business plan and determination of appropriate sources of financing. Our consultants will assess that information to analyze your ability to qualify for a business loan and once you are ready, help determine what financing program is most suitable for your business. Presenting clear and concise information will lead to receiving the funding you are seeking.

Business Loan Assessment Factors:
Lender’s relationship with you
Ability to repay the debt
Down Payment (or equity in an ongoing business)
Credit history and personal financial net worth
Collateral
Personal guarantee
Management ability
Other sources of capital
Key success factors in your industry
Conditions of the economy and/or market area

Loan Package Information Required
Detailed Business plan with 3 years cash flow projections
3 years business tax returns
3 years personal tax returns
3 years business financials
Interim/YTD business revenue/expense
Completed Personal Financial Statement
Info about potential collateral
Relevant purchase orders and/or contracts
Loan Request Statement

Questions to Answer in Your Loan Request Statement
How much money is needed?
Why is the money needed?
How will the money be used?
How long will the money be needed?
How will the money be repaid?
When will the money be repaid?
How will the loan be secured?
Will you personally guarantee the loan?
Is there any other way to raise all or some of the money needed?

1. Complete a Personal Financial Statement for a loan package for: (1) each proprietor; or (2) each limited partner who owns 20% or more interest and each general partner; or (3) each stockholder owning 20% or more of voting stock; or (4) any person or entity providing a guaranty on the loan.
2. Learn how to improve your credit score and Access the 3 Credit Reporting Agencies, Equifax Credit Information Services, Experian, and Trans Union Corporation