Congratulations on your upcoming small business loan meeting! Here are some suggestions on what you should bring to make the most out of your meeting: 1. Business Plan: Prepare a comprehensive business plan that outlines your goals, strategies, financial projections, and market analysis. This will demonstrate your understanding of the industry and your ability to run a successful laundry mat. Include information about your target market, competition, and marketing strategies. 2. Financial Statements: Gather your personal and business financial statements. These may include your personal tax returns, bank statements, balance sheets, income statements, and cash flow statements. If you have any existing business financials, bring those as well. These documents will help the lender assess your financial health and ability to repay the loan. 3. Collateral Information: If you have any assets that can serve as collateral for the loan, such as property, equipment, or inventory, bring documentation that proves their value. This information will help the lender evaluate the security for the loan. 4. Personal Information: Bring your personal identification documents, such as a driver's license, passport, or social security card. Additionally, have your resume or CV ready, highlighting any relevant experience or skills that demonstrate your capability of running a laundry mat successfully. 5. Credit History: Obtain a copy of your personal credit report from major credit bureaus like Experian, Equifax, or TransUnion. Review it for any errors or discrepancies and be prepared to discuss your credit history. If you have a business credit history, bring that report as well. 6. Legal Documents: Depending on the lender's requirements, you may need to provide legal documents such as your business licenses, permits, registrations, leases, contracts, or any other relevant legal agreements. 7. References: Prepare a list of professional references who can vouch for your character, work ethic, and business acumen. These individuals could be previous employers, colleagues, or mentors who can provide positive testimonials about your abilities. 8. Questions: Come prepared with a list of questions for the lender. This shows your interest and commitment to understanding the loan terms, interest rates, repayment options, and any other important details. It also helps you make an informed decision about the loan offer. Remember, every lender may have specific requirements, so it's best to check with them in advance to ensure you have all the necessary documents and information. Good luck with your small business loan meeting!
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User Comments
Kyng Crawford
a year ago
Call and ask. Seriously. "What kind of things can I bring to help you feel better about this decision?" Get a haircut at a nice barber and iron your suit. You got this.
Wallace Burns
a year ago
You may need photo ID and a pen. Though most banks stock pens.
Zayd Guzman
a year ago
A financial forecast, showing the predicted financial outcomes for your business for the next 3-5 years. Keep in mind Capital Expenditure for the following years to replace any equipment (most laundromats on the market have totally written-off equipment that needs replacements soon) The financial forecast at a minimum should include; P&L forecast; Balance sheet ; Cashflow statement.
Ulises Tucker
a year ago
I do not think you would be considered a start-up. You are a starting business, which is different. For your loan meeting, bring the following: A thoroughly worked out business plan that captures all the opportunities and risks that come with this venture, as well as the below-mentioned financial forecast, and a financial analysis of that forecast that at the very least shows ROI and ROCE, solvency ratios and liquidity ratios;