3 SECRETS TO GETTING A BUSINESS LOAN APPROVAL (don't tell anyone!)

Secret #1

Be as thorough as you can during the application process. If you have any gaps in your information, you could hit two road bumps. First, the lender may put in the effort to fill in the information themselves, which takes time (and makes us question your accuracy). Second, the lack of information can give the wrong impression and make the lender less likely to approve your loan. If you have all the details from the start, your attention to detail and preparedness will shine!

A few of the primary items that the some underwriting teams (including Headway Capital’s) might ask include:

• The last 6-12 months of business bank statements (if cash flows are shaky, send 12 statements, it helps us tell a more accurate story). Be sure to provide the statements for the main revenue/operating account for your business.
• The previous 1-2 years of business tax returns. This allows a lender to quickly answer any questions regarding business revenue that may arise during the evaluation process.
• Gross revenue figures from prior years.
• A specific purpose or intended use for loan proceeds.
• Detailed information on any other debts/loans against your business (including original balances, current principal balance, maturity date, and potentially purpose of funds).
• Proof of ownership is occasionally required if the secretary of state lists an attorney or another name as the registered agent for the business applying. (if you send your taxes in, we can verify ownership with your K1 page)