Getting a business off the ground can be a real challenge. In fact, even those with an established small business sometimes find that they need an infusion of cash to keep things moving in the right direction. When it comes to applying for Small Business Loans in Ft. Lauderdale FL, half the battle is corralling all of the paperwork that is going to be needed. By collecting everything in advance, it can save a considerable amount of time and in some cases, decrease the amount of time it takes to get the final approval.
Business Plan
The most important thing to have on hand when applying for Small Business Loans in Ft. Lauderdale FL is a sound business plan. This is more than just writing down an idea for a business or listing out predictions for how business will do over the course of the next year. The plan needs to include projected financial statements that offer information on both the opportunities for profit and loss. At the same time, a balance sheet should be able to show the viability of the business and it’s overall financial health.
Tax Returns
Usually tax returns from the past three years are going to be expected when applying for Small Business Loans in Ft. Lauderdale FL. The applicant will need to provide his or her returns and, if the business is already established, business tax returns will also need to be included. Remember that before a loan can be offered, a financial institution needs to see whether or not the business or the individual will have the ability to pay the money back. It is important to note that the returns need to be signed before they are turned in. Visit the website for more details.
Documentation
Financial institutions need more than just a business plan and tax returns to make their final decision. In fact, they need to know that they are lending to a legitimate business. Documents that relate to the business, including things like a business license, articles of incorporation, and if possible, franchise agreements and a lease agreement for a commercial property should be part of the application.
When you need some money to get a new business off the ground or more money to keep a business moving in the right direction, check out 1st Atlantic Funding.
