- 1). Create a business plan. Most banks will require that you present a business plan with your application for a loan. The business plan shows that you have put thought, time, and attention into your business venture, and that you are not wasting time. Include all pertinent information, such as owners of the business, location of the business, a statement of purpose, a market analysis, a list of any financial resources and other financial information. Additionally, you should supply biographies of the owners with resumes, credit reports for the business and owners, anticipated profits and losses, the business's management structure and any other information that is pertinent to the business.
- 2). Secure legal information and paperwork. Be sure to officially form your business as a legal entity with the appropriate government agency or create an operating agreement. If you are creating a corporation, limited liability company, limited partnership, or an S-corporation, you must file paperwork with your jurisdiction's Department of State. Sole proprietors and general partnerships do not need to file with the government in most cases to form the business. If you are starting a corporation, partnership or limited liability company, you will want to get an Employer Identification Number ("EIN") from the Internal Revenue Service. If you are a sole proprietor, you may use your Social Security number.
- 3). Complete the loan application. Every bank will have its own loan application, and there is no uniform application. The loan application will ask about the specific purpose for the loan and where you intend to use the money. Other important information includes existing loans or other financial obligations of the business, to whom the business owes these obligations and whether the business must obtain any additional inventory or other types of capital.
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