After a lot of thinking, you have made the decision to start your own business. You've charted out your course with a carefully crafted business plan, chosen your business name, launched the website, picked the type of entity you'd like to form, and have your eye on an office location. The only major obstacle in the way of starting your business is obtaining financing.
To get started, use the following form to gather the information your lender will require for the application process. More information about applying for a startup loan can be found in the Start-Up Financing section.
Company Name: ____________________ Phone: _________________________ Address: ____________________ Fax: _________________________ City/State/Zip: ____________________ E-Mail: ____________________ Other Locations ________________________________________________________ ________________________________________________________ ________________________________________________________ ________________________________________________________ Type of Entity Sole Proprietorship? _____ Partnership? _____ Corporation? _____ Limited Liability Co.? _____ Other? _____ Company Information Date started business: __________ Number of partners: __________ (If partnership) Number of shareholders: __________ (If corporation) Number of members: __________ (If LLC) Trade or Assumed Name: __________ Federal Tax I.D. No.: __________ State Tax I.D. No. __________ Company Management Name: _______________________________________________ Title: ________________________________________________ Address: _____________________________________________ City/State/Zip: __________________________________________ Ownership Interest:_____________________________________ Name: _______________________________________________ Title: ________________________________________________ Address: _____________________________________________ City/State/Zip: __________________________________________ Ownership Interest:_____________________________________ Name: _______________________________________________ Title: ________________________________________________ Address: _____________________________________________ City/State/Zip: __________________________________________ Ownership Interest:_____________________________________ Banking Relationships Bank 1 Name: ____________________ Other? _____ Loan 1 Loan 2 Bank 2 Loan 1 Loan 2 Guarantor: ____________________ Accountant Name: ________________________________________________ Company: ______________________________________________ Address: _______________________________________________ City/State/Zip: ___________________________________________ |
Financing Options
There are various options for financing, each with their own advantages and disadvantages. Although it can be awkward or just not an option, family and friends are a great first step in raising capital; credit cards are another option. You can also get a loan from a bank or other financial institution.
Each source of financing will have its own risks and benefits. For example, credit cards are a convenient form of instant capital, but have relatively high interest rates (many card issuers have introductory low-interest periods, however). For more information on financing for small businesses, you can visit FindLaw's section on Start-Up Financing.
Information for Initial Visit
The loan process can be significantly simplified if you take a proactive approach. Prior to meeting with your finance officer or bank, you should locate and make copies of all relevant documents. The information entered in the sample form above should be adequate for your finance officer or bank during the initial visit. Be sure to include any other information or documentation you believe may be relevant to receiving a startup loan.
Getting Legal Help
Starting a business involves many tasks that can feel overwhelming at times. Failing to comply with all of the laws and regulations that are applicable to your business can result in negative consequences, such as fines and personal liability. If you would like help applying for a startup loan, or any other aspect of starting a new business, you should contact an experienced business organizations attorney in your area.
