Getting Started

The following documents are required to complete a Loan Application—

  • 12 months of financial projections including profit-and-loss, cash flow, and balance sheet
  • Tax Returns for the past 2 years (your own and your business’s, if applicable)
  • 2 most recent personal and business bank account statements
  • Verification of non-business income, if applicable, such as paystubs
  • Current government issued ID
  • Proposed loan budget (use of loan funds) and documentation such as estimates or equipment pricing
  • Relevant business licenses and documentation including legal structure agreements

Additional required documents for start-ups (in business 12 months or less):

  • Proof of investment in business
  • A thorough, written business plan

Additional required documents for existing businesses (in business over 12 months):

  • 2 years of your most recent financial information or, if your business is less than two years old, financial information for the entire history of your business
  • Business Expansion Plan describing need and use of funds applicable)

If you meet the eligibility requirements and are able to provide all of the documents above, please submit a Loan Inquiry before filling out an application

If you do not, please explore our other business development services: Seminars, Foundations Course, or Attend an Orientation to learn more

 


Preparing to apply for a Business Loan


MCNW is committed to giving you reliable support at all stages of applying for a small business loan.  To increase your chances of success, take a few simple steps to prepare yourself before you apply.  To begin, consider these points.

  • MCNW will look at your credit history, personal finances and available collateral when considering your application, even though we do not use the same lending standards as a bank or credit union.
  • Most new businesses do not make enough profit to pay the owner a salary in the first 12-18 months.  Plan for how you can cover your personal expenses during this start-up period.

Pre-application checklist

  • Check your credit. Visit .www.annualcreditreport.com for details. Poor credit may not prevent you from qualifying, but we do identify chronic problems indicating a high risk for loan defaults.  At a minimum, we look for at least six consistent months of repayment history.

  • Think through the amount you need and what you will use it for. Our loans are based on your specific needs.  We recommend checking with suppliers to obtain bids or price quotes for your project budget and financing needs.

  • Look over our loan terms and write down any questions you have. Our Quick Reference Sheet and Frequently Asked Questions will be helpful here.

  • Contact the Secretary of State’s office to determine what registrations you will need to legally operate your business.  Also investigate business licensing requirements with your city and/or county officials.

  • Be prepared to answer questions and talk about your:
    • Personal finances: income, how many people you support, past bankruptcies, credit history, etc.
    • Business experience and employment history
    • Short- and long-term goals for you and your business

  • Check out common questions and answers about MCNW small business loans to see if your questions are answered here.