Prepare to Apply for a Business Loan

Ready, Set, Go!!

Seeking bank financing can be a stressful experience, especially if you are not prepared to answer tough questions about your business, or are uncertain about what information is necessary to take to the bank.  The WSBDC can help you prepare your bank presentation.  One of our specialists, a former commercial banker, will review your information and provide suggestions to help you present the most powerful case to the lender. 

He will help you decide what to include in your application package, review your business plan or projections, and indicate any weak areas that a lender is likely to question.  Thus, you will be prepared for lender questions, rather than surprised.

A good loan application package will normally include:

1. A well thought-out, yet concise business plan.

2. Financial projections for at least 3 years.

3. If this is an existing business, historical financial information for past 3 years, including tax returns.

4. Relevant attachments that will showcase the business or support the plan.

5. Personal financial statements for principal owners (20% or more ownership), including tax returns.

6. A listing of collateral available to support the loan request.

While this is not an all-encompassing list, depending on the size, and complexity of the request, this package includes more information than most lenders receive typically receive initially.   Your banker will be impressed from the get-go.  WSBDC assistance is certainly not a guarantee of success, but is likely to improve your chances of successful financing.

To take advantage of this FREE service, contact:

Bruce Morse

Director, Wyoming Small Business Development Center
143 South Bent Street, Suite A
Powell, Wyoming 82435
307-754-2139 or 800-383-0371

Email Bruce Morse