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Information Needed for a Startup Loan Application

After a lot of thinking, you have made the decision to start your own business. You've charted out your course with a carefully crafted business plan, chosen your business name, launched the website, picked the type of entity you'd like to form, and have your eye on an office location. The only major obstacle in the way of starting your business is obtaining financing.

To get started, use the following form to gather the information your lender will require for the application process. More information about applying for a startup loan can be found in the Start-Up Financing section.

Company

Name: ____________________ Phone: _________________________

Address: ____________________ Fax: _________________________

City/State/Zip: ____________________ E-Mail: ____________________

Other Locations

________________________________________________________

________________________________________________________

________________________________________________________

________________________________________________________

Type of Entity

Sole Proprietorship? _____

Partnership? _____

Corporation? _____

Limited Liability Co.? _____

Other? _____

Company Information

Date started business: __________

Number of partners: __________

(If partnership)

Number of shareholders: __________

(If corporation)

Number of members: __________

(If LLC)

Trade or Assumed Name: __________

Federal Tax I.D. No.: __________

State Tax I.D. No. __________

Company Management

Name: _______________________________________________

Title: ________________________________________________

Address: _____________________________________________

City/State/Zip: __________________________________________

Ownership Interest:_____________________________________

Name: _______________________________________________

Title: ________________________________________________

Address: _____________________________________________

City/State/Zip: __________________________________________

Ownership Interest:_____________________________________

Name: _______________________________________________

Title: ________________________________________________

Address: _____________________________________________

City/State/Zip: __________________________________________

Ownership Interest:_____________________________________

Banking Relationships

Bank 1

Name: ____________________
Address: ____________________
City/State/Zip: ____________________
Checking? _____
Savings? _____
Lockbox? _____

Other? _____

Loan 1
Amount: $___________________
Due Date: ____________________
Collateral: ____________________
Guarantor: ____________________

Loan 2
Amount: $___________________
Due Date: ____________________
Collateral: ____________________
Guarantor: ____________________

Bank 2
Bank: ____________________
Address: ____________________
City/State/Zip: ____________________
Checking? _____
Savings? _____
Lockbox? _____
Other? _____

Loan 1
Amount: $___________________
Due Date: ____________________
Collateral: ____________________
Guarantor: ____________________

Loan 2
Amount: $___________________
Due Date: ____________________
Collateral: ____________________

Guarantor: ____________________

Accountant

Name: ________________________________________________

Company: ______________________________________________

Address: _______________________________________________

City/State/Zip: ___________________________________________

Financing Options

There are various options for financing, each with their own advantages and disadvantages. Although it can be awkward or just not an option, family and friends are a great first step in raising capital; credit cards are another option. You can also get a loan from a bank or other financial institution.

Each source of financing will have its own risks and benefits. For example, credit cards are a convenient form of instant capital, but have relatively high interest rates (many card issuers have introductory low-interest periods, however). For more information on financing for small businesses, you can visit FindLaw's section on Start-Up Financing.

Information for Initial Visit

The loan process can be significantly simplified if you take a proactive approach. Prior to meeting with your finance officer or bank, you should locate and make copies of all relevant documents. The information entered in the sample form above should be adequate for your finance officer or bank during the initial visit. Be sure to include any other information or documentation you believe may be relevant to receiving a startup loan.

Getting Legal Help

Starting a business involves many tasks that can feel overwhelming at times. Failing to comply with all of the laws and regulations that are applicable to your business can result in negative consequences, such as fines and personal liability. If you would like help applying for a startup loan, or any other aspect of starting a new business, you should contact an experienced business organizations attorney in your area.

Next Steps
Contact a qualified business attorney to help you
navigate the process of starting a business.
(e.g., Chicago, IL or 60611)

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