It's completely normal to feel overwhelmed by the small business or farming loan process but by familiarizing yourself with the process, you can quickly overcome the feeling. While business and farming loan applications differ from investor to investor or bank to bank, you'll generally be asked for personal and financial information that include (but not limited to):
* Your contact details.
* Nature of your business or farming operation.
* Your business structure.
* Loan Amount.
* How the funds/money will be spent.
You'll also need to submit some financial statements/ projections such as profit and loss statements, cash flow projections, break - even analysis and more
A proper and well - structured business or farming plan will also be required by investors and banks. The idea behind the business or farming plan is to help the investor/bank determine the viability of the business or farming operation. At a minimum, your business plan must:
1. Provide background on the business and yourself.
2. Describe the experience of your Management Team and their responsibilities.
3. Summarize your business's current activities and results.
4. Identify and explain your industry, your customers, competition, and your market.
5. State how much money your need and how the money will be spent.
Once you submitted all the required information, documents and your business plan, your investor/bank will consider your application and decide on approval or not. The criteria and documents needed differ from investor to investor and from bank to bank and it is therefore vital to inquire from them upfront exactly what they need so that you do not waste some valuable time when approaching them.
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