Business Loan Checklist: Speed Up the Application Process

Posted January 08, 2018

Working in the equipment finance industry and underwriting loan requests for credit for 20+ years, I’ve seen my fair share of credit submittals. One of the questions that often gets asked by customers and vendors alike is, “What do I need to provide to get my loan request reviewed quickly?” I know how valuable your time is as a business owner, so this is my best answer:

The more complete the loan package, the better the lender will understand your business.

How to Speed Up the Loan Process

When reviewing a request for credit, a sales or credit representative from CCG will typically visit your operation and gather the following information. Having this information readily available can speed up the loan process.

  1. Narrative on your business – Ownership, History, Customers, Business Operations, Future Plans
    Allows CCG to best understand the borrower’s business, where they have been, where they are going, what challenges they may have experienced in the past, and how they have positioned themselves for future profitability and growth. Don’t worry about writing this all down – our team will listen to what you have to say and take it from there!
  2. Most recent two fiscal year-end financial statements or tax returns
    Provides ability to see historically how the borrower’s business has performed; revenue trends, what profitability is like, the borrower’s cash flow and ability to repay, any swings that have occurred in the past.
  3. A recent interim financial statement – Accountant Prepared, QuickBooks or Bank Statements
    Provides a current snapshot of the borrower’s financial condition, revenues, profits and cash flow
  4. Invoice for equipment being purchased
    Allows CCG to accurately understand and value the equipment that is being purchased so we can provide the best and most appropriate structure for both CCG and the borrower
  5. Credit references and contact information
    Provides references to show the borrower’s history with other creditors, payment histories and management of similar debt
  6. Signed credit authorization
    Allows CCG to run credit reports on the business and individual owners of the borrower

A Credit Score Doesn’t Tell Your Story

Unlike some lenders who may just treat you as a credit score, we take the time to get to understand your business. There are many things that a credit score can’t tell.

  • Do you have a new contract or are you starting a large job?
  • Have you had some difficulties in the past?
  • How is your cash flow, and do you experience any business seasonality?

A score doesn’t get to the deeper workings behind your business operations. We take the time to understand your business, where you have been and where you are going. Many of our customers appreciate the fact that we dig deeper and get to know the “how’s” and “why’s” of your business. At CCG, you’re not just a score, but a valued customer with a story to tell. You are proud of your business and we want to understand your story.

Quick & Easy Financing With CCG

CCG has an experienced team ready to work on your request as soon as it is submitted. The best way to get a loan request reviewed quickly is to provide the above information as completely and timely as possible. In my experience, what tends to slow down the process or create a pitfall is not having all the information when the request is submitted. Without the information, there is usually a back and forth that occurs to gather the missing pieces and this inevitably slows down the process and can be frustrating for all parties involved.

Our goal is to provide you with the quickest turnaround possible. We know your time is valuable, and the more information we have up front, the quicker we can get you a decision and get you back to operating your business, and putting your new equipment purchase to work.

Want to learn more about how CCG can provide equipment financing? Contact us here or give us a call at 704-731-0031. We want to understand your business and become part of your success story.

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