On the form go a name, phone and email, the company's name, and a pick from each range: time in business, annual revenue, amount wanted. Bank statements, tax returns and supplier quotes can stay in the drawer until a reviewing partner names what it wants.
What Do Banks Look at for a Business Loan? A Brigham City, UT Candle Maker's Wax and Wick Order
A candle maker that takes on a gift-shop chain's order buys soy wax, wicks, jars and fragrance oil in bulk before it pours a single candle. Whether a bank finances that order or a funding partner does, the lender may weigh some or all of these:
- Deposits and balances in recent bank statements
- The candle maker's years in business under its present owner
- Personal and business credit, which a lender may check
- Debts already on the books and what they cost each month
- Whether anything, such as the stock itself, can secure the money
A bank keeps its own list and decides alone. A request through Clayland goes to funding partners instead, and each weighs the file its own way; for stock bought ahead of one order, inventory financing is a close fit.
Documents Required for a Business Loan When a Box Elder County, UT Masonry Crew Has Payroll Ahead
A masonry contractor with stone and block work booked pays its crew every week, while the general contractor pays once a month. Nothing has to go along with the request itself. A partner that reviews the masonry contractor's request may then ask for:
- Payroll registers covering the crew's recent weeks
- Bank statements for the account payroll comes out of
- Open invoices to general contractors, with their dates
- The most recent business tax return
- A list of loans, leases and advances, with balances
- Identification for each owner with a large share
One partner may want three months of statements and another six; the call with Clayland is where those differences come up.
Quote, Down Payment and Machine Life: Steps for a Brigham City, UT Furniture Maker Pricing an Edgebander
A furniture maker adding an edgebander for its case work can run down this list before getting in touch:
- Get the dealer's written quote, with freight and setup shown as separate lines
- Decide whether to put cash down or finance the whole quote
- Check how many years the machine should run, and keep the term inside that
- Write down the payments on any other equipment loans or leases
- Pull this year's revenue to date and last year's total
- Use this page's form for the contact details, or phone (435) 220-7289 with the dealer quote in hand
An edgebander is equipment, so it can be the subject of its own equipment request; the electrical hookup and any dust collection fixed into the building are property work outside this site. Machine loans and leases are covered on the equipment financing page.
What Do You Need to Apply for a Business Loan? An Upholstery Shop Waiting on a Slow Commercial Account in Brigham City, UT
Sending the request takes a name, a phone number and email, the company name, and ranges for years in business, yearly revenue and the amount wanted.
Take an upholstery shop that recovered lobby chairs for a clinic group and has waited past 45 days for payment, with fabric and foam bills still due. What a partner may want later centers on that account:
- An aging list of what customers owe, by days outstanding
- The unpaid invoice and the customer's payment history
- Fabric and foam supplier bills with their due dates
- Bank statements showing deposits over the last few months
Money owed by customers points toward working capital or a line of credit. Each stage after the form is on the how-it-works page, and the FAQ covers newer businesses and comparing two offers.
By Clayland Commercial Capital ยท Updated