The podcasts below are brought to you by the Charleston Area SBDC, in cooperation with the Georgia SBDC. These podcast are designed to give you information on a wide variety of topics and are kept short, 3-5 minutes, so as to not be too intrusive to your busy life; but give you sufficient information to get you started or help you be better prepared to accomplish specific tasks. Additional podcasts will be added or exchanged over time to give you access to additional and fresh information. Each podcast can be streamed from here or you can right-click and choose "Save As" to download the podcast and listen at your leisure. Click on the PDF Icon beside each podcast to download a summary and/or worksheet to assist you in getting the most out of the information.
Your SBDC business consultant may refer you to these podcast with the purpose of helping you with a specific issue or you could also, listen to them to be better prepared for an advising session.
Think Creative Financing
Small Business Loan Criteria
Building Banker Relationships
Getting a Loan
Surviving Cashflow Crisis
Checklist: What to Take to the Lender
Documentation requirements may vary; contact your lender for the information you must supply. Common requirements include the following:
- Personal financial statement of each owner; no older than 30 days. Lender provides forms.
- For startup business: A complete business plan
- For existing business: History and description of business.
- Description of project necessitating new funding.
- Project cost with bids and quotes. If applicable, quotes on construction (include architect and engineering fees) or renovations, leasehold improvements, machinery and equipment, inventory.
- For SBA guarantees and loan programs, Statement of Personal History (SBA Form 912) for each owner/borrower, officer (if incorporated), partner (if partnership).
- Résumé for each of the above and key personnel.
- For existing businesses: Balance Sheet and Profit and Loss Statement for previous three years.
- For existing businesses: Current balance sheet and operating statement (no more than 90 days). May require aging of accounts receivables and accounts payables as of same date.
- For startup or expanding or changing business: Projected balance sheet and profit and loss for at least the first two years (suggested monthly for first year).
- For startup and expanding or changing business: Projected cash flow statement for two years (can use SBA Form 1100)(suggested monthly for first year).
- Copies of customer sales contracts or purchase orders, if applicable.
- For existing businesses: Schedule of all business debt, including original balance, current balance, payment terms, status, and security.
- If a franchise, franchise agreement. SBA checks the Franchise Registry (see Key Contacts “Franchise”) to see if the franchise is approved. May require a Uniform Franchise Offering Circular (UFOC).
- For existing businesses: If incorporated, Resolution of Board of Directors to borrow funds.
- For existing businesses: If incorporated, copy of Articles of Incorporation.
- Commitment letter from lender for SBA guarantees.
- Employment details. For guarantee and other government loan programs, breakdown employment total into current and projected minority, male, and female employees.
- Sales contracts or lease agreements if applicable.
- Appraisal acceptable to lender and/or if applicable intermediary.
- Last three years’ personal tax returns of all owners.
- For existing businesses: Last three years of business tax returns.
- If applicable, environmental impact studies (soil testing, wetlands, wildlife).
- If required or a new business, a detailed business plan that contains company, product, market, promotion, competition, and personnel information. Most business plans contain items 2, 3, 4, 6, 9, 10, and 15 above. See following information on business plans and review sample loan proposal.