Prepare Your Financial Statements
Your lender will want to review your financial documents too. Bring both personal and financial statements. The balance sheet will summarize assets, liabilities, and shareholder's equity; and the profit and loss statement will show your financial results over a period of time (cash or accrual). And make sure you prepare projections for the business's future revenue and expenses in order to demonstrate long-term stability.
List Your Collateral
You will need to show you have assets that can serve as collateral. Depending on your business and personal circumstances, collateral can include:
- Accounts receivable
- Cash and deposits
- Business equipment
- Real estate holdings
Understand Your Options
It's important to know the different loan types available and how they can support your business. We can show you an array of business loan options, including:
- Business term loans to meet one-time financing needs, such as renovating your facility or purchasing equipment
- Business lines of credit to provide flexibility for short-term cash flow
- Commercial mortgages to give your business room to grow
Have the 6 C's
A lender will often discuss the following factors, also known as the "6 C's" when determining your creditworthiness.
Sun National Bank provides timely and helpful thought leadership to the business community. Small Business Matters and Commercial Insights are published by Sun National Bank to provide segment-specific information on a wide array of topics, including fraud prevention, technology, managing cash flow and more. The information contained herein is for general informational purposes only and does not constitute tax, legal, or business advice or credit approval. You can visit the blog at sunnationalbank.com/blog.
About Sun National Bank
Sun National Bank is the primary subsidiary of Sun Bancorp, Inc. (NASDAQ: SNBC), a $2.19 billion asset bank holding company headquartered in Mount Laurel, New Jersey. Sun National Bank is a community bank serving customers throughout New Jersey and the metro New York region. Sun National Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the Federal Deposit Insurance Corporation (FDIC). For more information about Sun National Bank and Sun Bancorp, Inc., visit www.sunnationalbank.com.
Photo - http://photos.prnewswire.com/prnh/20151006/274671LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/tips-for-business-owners-from-sun-national-bank-preparing-for-a-small-business-loan-300348551.html
SOURCE Sun National Bank