As many small business owners in Pennsylvania have found, one of the biggest hurdles that they face during growth is the securing of funding. Before loosening the purse strings, a lender must be impressed by your business and feel confident enough in your operations to loan you the large sum of money that you need. Like many things in life, this is easier said than done.
To help, this post offers a quick rundown of what you need to have with you before approaching potential lenders. They’re often looking for a similar set of qualifiers and, if you go in there properly prepared, you could increase your chances of getting that elusive funding by a large margin.
What Are Lenders Looking For?
When you meet with a prospective lenders, you can expect them to be on the lookout for a few crucial factors. First, you need to be effective in sharing your story as well as that of your business. This includes the financial history of your operations too, and you should bring along any vital financial documents. Relevant documents include personal and business tax returns that go back a couple of years, as it helps lenders identify trends in your operations and gauge the financial health of your business.
Another critical component of an effective appeal to a lender is a formal business plan. Be sure to detail your short-term and long-term plans fully and in-depth. The more compelling information you can provide, the more compelling your appeal for funding will be. If your business just opened up, you’ll want to ensure that your business plan is particularly engaging and well-executed, as lenders have even less to base their decision on.
A PA Business Attorney Can Help You Secure Funding
All of this might sound intimidating to a small business owner in Pennsylvania but fortunately, we at Egbert & Barnes P. C. are here to help! A seasoned business attorney can guide you through every step of the way as you work towards securing funding, and ensure that your business plan and other relevant materials are effective, compelling, and designed to maximize your chances of securing funding.
If you want to learn more, don’t hesitate to call our office directly. At Egbert & Barnes, P. C., we offer risk-free initial consultations, so call today!