Applying for a Business Loan
Glenview State Bank is committed to providing personal and timely service. In order to better serve your business needs, you will want to gather certain background information for review by your Business Banker. As a business borrower, you should be prepared to answer questions about your personal finances and the finances of your company, including the historical performance of the business and the assumptions used in making projections.
The following is a description of the items you need to prepare when requesting a businesss loan from Glenview State Bank.
A resume is a written description of yourself detailing your background. The résumé should be prepared for each individual actively involved in the management of the business. Items to include:
- Educational experience.
- Job experience and management capabilities.
- Areas of expertise.
2. Financial Statement - Personal
A personal financial statement is a disclosure of all your assets and liabilities, including contingent liabilities. This statement must be signed and dated and should be included for each individual with at least a 20% ownership or for each guarantor. These statements will be held in strict confidence. Items to include:
3. Financial Statements - Company
Financial statements are a written record of your company's financial condition. They should include a profit and loss statement, a balance sheet, a reconciliation of net worth, and a sources and use of funds statement. It is preferred that these be prepared by a Certified Public Accountant and be of review or audit quality. Items to include:
- Balance sheets and profit and loss statements from the past three fiscal years
- Current interim information and comparable interim information from last year
- Accounts receivable aging and accounts payable listing
- Two or three years of projections including profit and loss statements, balance sheets and cash flow budgets for any term loan request
4. Business Plan
This item is required for all "start up" requests. A business plan is a written statement that includes the factual information you have gathered and your expectations of the business. You should include both a best and worst case scenario. Here you should include your loan request and repayment terms. Your business plan should include:
- Business narative
- Description of product or service being provided
- Market research and strategy
- Operational plans
- Management structure
(A detailed business plan outline has been provided for your convenience.)