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How To Secure Your First Small Business Loan
When you’re ready to secure your first small business loan, Sentry Bank is here to help! Our top-notch team is prepared to assist you through the entire application process. Local banks like Sentry Bank are the backbone of small business lending in the U.S., so starting out by chatting with us is your best option. If you’re not sure if you can qualify, it doesn’t hurt to at least apply or have a conversation with us.
Let’s take a look at how the small business loan process works; then, get in touch with our business lending team with any questions, or to start the application process!
APPLYING FOR YOUR FIRST SMALL BUSINESS LOAN
Information Gathering
Before the application process begins, you’ll want to gather some vital information. Gathering info can take some time, so be prepared. Depending on the type of small business loan you’re looking for, you’ll likely need:
- average bank balance;
- profit & loss statements;
- balance sheet;
- annual revenue;
- tax returns; and more.
Asking a lender like Sentry Bank about their document requirements before you even apply is good practice. This way you can get started on your end by compiling the information and reaching out to your accountant if need be.
Application Process
When it comes time to apply for your first small business loan, it’s better to be very responsive. You might find that your lender still needs more information – even after you submit your application – to clarify your business’s situation during the business loan underwriting process. The faster you respond and give lenders everything they need to fulfill your loan application, the quicker you’ll get the funds your business needs in your bank account.
Stop in at one of Sentry Bank’s convenient locations to start working on your small business loan!