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Preparing to apply for a loan

Applying for loan with any governmental or non-governmental entity requires the certain amount of scrutiny. As a new entrepreneur you must be prepared to produce all that is required of you, and to meet the expectations of your potential lender.

The following is a list of things a typical lender will require:

  1.  Personal Credit Score & History
    www.annualcreditreport.com
  2. Business plan showing how you will use the funds and how you plan to repay
  3. Personal Income Tax for the last 3 Years
  4. Your business tax ID number
  5. Business Incorporation Documentation
  6. Business financial statements for the past two years
  7. Your business D&B number
     www.dnb.com/US/duns_update/
  8. Proof of personal assets that you can provide as collateral to the loan