Financing your business can be a time-consuming and confusing task. We will work with you, and your Banker, to determine the best ways to profit your business.
Be prepared to supply the following information to your Banker:
- An application for a specific amount of money.
- A detailed explanation of what the funds will be used for.
- A plan of how and when the funds will be repaid
- Which collateral is available, if required for the financing.
- What insurance policies the business has.
- Financial reports such as balance sheets and profit and loss statements for at least three years for an existing business.
- A projection of profits and cash flows for the future twelve months.
- Your long-range plan for the business – size, new innovations, locations, etc.
Some of the options your Banker may offer:
Business Credit Card – This option allows for convenience of use, and detailed record-keeping of your business expenses.
Business Term Loans – These loans generally can have fixed or variable rates, repayment terms of several months, and may need to be secured.
Business Lines of Credit – These lines provide short-term, revolving financing. Funds are obtained and paid with multiple draws and pay-downs based upon need.
Commercial Mortgages – Long-term loans provide funds for the purchase or improvement of commercial property. These loans are secured by real estate, and can have either fixed or variable interest rates.
Equipment Loans and Leasing – Secured by new or used equipment, and may be long or short-termed.