The form gives the office your contact and company details; it is not a credit application. Bank statements or tax returns enter the picture only at a partner's request, during its review. The steps run from the form to a call, a partner review and any offer.
What a Union City, TN Print Shop Gathers for a Funding Request While Payroll Rides on a Large Job
Illustration only, invented figures: a print shop in Union City, TN takes a $16,800 job for a customer that pays 45 days after delivery. Its payroll is $3,150 every two weeks, so 3 or 4 paydays fall between delivery and payment, depending on the calendar, and $9,450 to $12,600 of wages go out before the job's money comes in.
A checklist for a request like that one covers two moments: what goes on the form now, and what a funding partner may ask for if it reviews the request.
- For the form: a name, a phone number and an email that someone checks
- For the form: the company name, plus honest ranges for years operating, yearly revenue and the amount sought
- For the call: the invoice date, the customer's payment terms and the payroll dates in between
- If a partner asks: bank statements from the months around similar large jobs
- If a partner asks: the most recent business tax return and a list of what the business already pays each month
- If a partner asks: the purchase order or contract for the job itself
Working capital is the product shaped for a gap like this; the working capital page works through a payroll gap of its own.
The Form First, Papers Only If a Partner Asks: Applying for a Business Loan in Union City, TN
Nothing needs scanning or attaching to send the request. A person, a phone number, an email and a company name; a range each for years operating, yearly revenue and the amount sought; and a consent statement to read and tick.
A funding partner that takes the request further sets its own document list. An equipment request can hinge on the dealer quote, a credit line on months of bank statements, and a larger term loan on tax returns and financial statements.
No credit application is made by sending the form, though a partner's review can include a credit check.
A Union City, TN Veterinary Clinic's Portable Ultrasound, Taken Through Each Step of a Small Business Loan Request
Take a veterinary clinic in Union City, TN pricing a portable ultrasound unit from a dealer quote. The steps from that quote to any offer run like this:
- The clinic calls (731) 255-8781 or sends the request form with the amount it is looking for.
- On the phone, the office may ask what the unit is, whether it is new or used, and whether a loan, a lease or an existing credit line is the better fit.
- The request goes on to funding partners that offer equipment financing.
- A partner looks over the request; along the way it can ask for the dealer quote, bank statements or a tax return, and it can run a credit check.
- If a partner makes an offer, the clinic sees the payment, the term, the total cost and anything due at signing, and can set it beside the dealer's own finance program.
- The clinic accepts or declines. Nothing binds it before it signs.
The equipment financing page explains how a lease works on a janitorial company's floor scrubbers and sets a finance agreement beside a loan for a law office's scanners.
What a Bank May Weigh When a Union City, TN Furniture Store Adds a Second Location
A furniture store in Union City, TN that wants a second showroom in another town is asking a bank to judge two things: how the first store has done, and whether the business can carry a new payment.
Each bank sets its own criteria. A bank may look at:
- Deposits and withdrawals in the first store's account over the past year or more
- The owners' personal and business credit history
- What secures the loan: showroom stock, delivery equipment or a general claim on business assets
- Years the first showroom has been open, and whether ownership has changed
- Monthly amounts going out on any loan, lease or card-sales advance the business already carries
- What the money buys for the second showroom: floor samples, display stock, fixtures or a delivery van
Online funders may weigh the same areas differently. Each funding partner reached through Larkwood Lenders applies its own criteria to the request.
By Larkwood Lenders · Updated