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What entrepreneurs need to know about applying for a business loan

When you’re starting a new business, applying for a loan can be intimidating. The process requires entrepreneurs to provide lenders accurate, up to date financial documents and information. The first step in this process is to ensure you have a business bank account. When you apply for a loan, having all of your documents prepared can make the process easier and faster. Most lenders will ask for the following things:

  • Balance sheet
  • Income statement / profit and loss statement
  • One to three years of personal and business tax returns
  • A detailed business plan
  • Business projection

Jennifer Hall is the Executive Director of Bankable, a non-profit, Community Development Financial Institution or CFDI, a certified SBA micro lender, and Community Advantage lender. Bankable strives to fund Hoosier dreams and build bank ready businesses.

The Indiana Small Business Development Center has lots of resources that can help in this process.

This information is presented by Jennifer Hall.

This content is made possible by the Indiana Economic Development Corporation.