SBA/Bank Loans for Startups

Once you've determined that an SBA or traditional bank loan is the right kind of financing for your business, you'll need to package your financial information in a way that makes it easy for a banker to make a favorable decision. At the most basic level, you will need to provide:

• Basic information about your business
• Basic information about the loan you are requesting
• Financial information about your business
• Personal financial information for each owner of the business
• Personal history for each owner of the business
• Sources and uses of funds
• Three-year projections of income and expenses
• Three years of profit and loss statements (for existing businesses) or a short business plan summary (for startups)

The St. Louis SourceLink network has Resource Partners who are skilled in helping business owners prepare their loan applications.