Your proposal has a few factors that will be well scrutinized by the bankers who will review it. Let's take a closer look.
• You will have to make sure that you include the name of the business, the names of the principals involved, social security numbers of the Principals and also the address of the business.
• Your proposal will have to exactly state why you need the loan and what you will use it for. Any kind of vagueness with these details will see your loan application rejected.
• The amount you require will also have to be set in stone. Do not provide ranges and definitely don't ask for more than what you require.
• Send in a good description of your business that will sort of be like a resume for the business. Include details such as how long you have been in business, how many employees you have etc.
• Also, include details about your company's ownership structure. What type of entity is it, what is the ownership breakdown and so on.
• Management summary - The caliber and quality of your personnel is very important as it will allow the bankers to see if your company is being run by competent people. Highlight the accomplishments and experience of each one of your senior management staff
Apart from the basic information above, you will also have to provide detailed financial statements that will include past financials as well as projected future financials. Your proposal will also have to include information about the market your business operates in. Mention details such as the strength of the competition and the position of your business when compared to the competition. You can also include information about your existing customer base if you think it will help your cause in getting the loan approved.
Overall, your goal is to show the lender why you aren't a risky proposition. The easy money policies of the last decade turned out badly for banks. This makes them hyper risk sensitive. If you can address the risk concerns of a lender, you are well on your way to being fully funded.
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