Check the dates on a quote, statements and licenses before a request starts; keep a plan to one page when the request is one clear change; sort records by the office or business that issues them; and keep state filings current.
How to prepare for a small business loan around the dates on a Lincolnton, NC fabricator's paperwork
Getting ready for a small business loan is largely a matter of dates. Papers that were current when a request began can be out of date by the time a funding partner reviews them, so a Lincolnton, NC fabricator can check each one before the first call:
- The machine quote: the date the dealer's price expires, and whether freight, rigging and tooling are in it.
- Business bank statements: the latest full months, since a partner may ask for recent ones.
- The latest filed business tax return, and whether the next one falls due before a partner would finish its review.
- Contractor license and insurance certificates, for a shop that also installs its work: the renewal date on each.
- The company's record with the North Carolina Secretary of State, and whether it shows the company as current.
- Open loans and leases: the payoff date and remaining balance on each, so a new payment can be set beside them.
A dealer can reissue a quote that lapses during a review, and a partner may ask for the new one. The CNC machine payment calculator gives a first look at the monthly payment on a machine before any quote is shared.
A one-page plan for bringing hardware insertion in-house at a Lincoln County, NC sheet-metal shop
A business plan for a loan request can stay on one page when the request is for one clear change. Illustration only, invented figures: a Lincoln County, NC sheet-metal shop that sends parts out to have self-clinching nuts, studs and standoffs pressed in plans to buy its own hardware insertion press at $31,850, with $4,270 of tooling and an automatic feed kit.
| Plan line | What it says |
|---|---|
| What changes | Hardware pressed in-house instead of at an outside shop |
| Insertion press | $31,850.00 |
| Tooling and feed kit | $4,270.00 |
| Amount asked for | $36,120.00 |
| How it is paid off | 36 monthly payments of $1,206.61 at a 12.4% annual rate on a term loan: $43,437.96 in all, $7,317.96 of it interest |
| Where the payments come from | the outside insertion invoices the press replaces, an invented $1,410 a month last year, $203.39 more than the payment |
| What the shop can show | last year's outside insertion invoices and the open orders that call for pressed-in hardware |
The outline answers three questions in order: what the money changes, what it costs and where the payments come from. A partner may ask for more detail than one page holds. Running power or shop air to the press is property work outside this site. Term loans and equipment financing are the two product pages behind a plan like this one.
Business loan documents checklist sorted by who issues each record, for Lincolnton, NC builders and fabricators
Sorting a documents checklist by issuer turns it into a short list of calls and logins. A funding partner may ask a Lincolnton, NC builder or fabricator for records like these:
| Record | Who issues it | What it can show |
|---|---|---|
| Business bank statements | The business's bank | deposits, balances and payments already going out |
| Filed business tax return | The owner or the owner's tax preparer | revenue and profit for a full year |
| Entity record | North Carolina Secretary of State | the company's legal name and status |
| Sales and use tax registration, for a business that collects the tax | North Carolina Department of Revenue | that the business is registered for the tax |
| Contractor license record, for builders and trade contractors | The issuing state board (see the license search guide) | license details a partner may compare with the entity record |
| Equipment quote or purchase order | The dealer or supplier | the price, freight and what is included |
| County tax bill, for a business that receives one | Lincoln County, NC | what the bill covers and that it is paid |
The request form has no upload. A funding partner asks for whichever records its own review needs.
Filings a Lincoln County, NC metal fabricator keeps current before a funding request
Filings kept current mean a funding partner finds no gaps when it looks a business up. Two kinds sit on a Lincoln County, NC metal fabricator's calendar:
- the reports that keep the company's record current with the North Carolina Secretary of State
- sales and use tax returns, for a shop that sells to end users and collects the tax
For advice on records and planning, the North Carolina Small Business and Technology Development Center lists its offices, and the SBA North Carolina District Office page is the federal starting point in the state.
By Plumbend Lending Group ยท Updated
