How to Prepare for Your Small Business Loan Officer Meeting

Access to Capital Seattle is next week and available meetings with the many small business lenders are filling up fast. These meetings are a chance for you to begin a relationship with some of the people who could help you find the funding your business needs, so it’s important to be prepared and create a good first impression.

What to bring to your lender appointment

When it comes to preparing paperwork for your lending appointment there is a bit of a grey area because different banks (or alternative lending institutions) require different things. However, there are some key items that usually required when you apply for a business loan.

Here is a is a list to get you started from Wells Fargo and Ruth Ann Halford, AVP/SBA Relationship Manager at HomeStreet Bank — one of the expert speakers coming to Access to Capital Seattle. We’ve also included links to tools and resources to help you gather a present the information the way lenders expect.

Basic Information about Your Business

  • Business name. In the state of Washington, business owners should register their “Doing Business As” (DBA) name with the Department of Revenue
  • Business address (physical address, no P.O. Boxes) and contact information, including phone and fax numbers
  • History and status of your company, such as when it launched, ownership type, and names of the current owners
  • Business Taxpayer Identification Number(s) (EIN). Your Federal Taxpayer Identification Number can be obtained through the IRS, and certain states require a state taxpayer ID number as well. A Social Security Number can substitute for this.

Up to Date Financial Records

Personal Information

  • Your name and contact information, including home address, phone number, and email
  • Social Security Number(s)
  • Country of Citizenship – if not United States
  • Date of Birth
  • Annual household income
  • Personal banking account numbers and balances
  • Last 3 years Personal Tax Returns for each owner that owns more than 20% of the business
  • Personal Financial Statements for each owner who owns more than 20% of the business
  • IRS verification form (4506-T) for each owner

This may seem scary at first, but keep in mind that these meetings are just the beginning of the journey for you and your lender. You don’t need to bring everything on this list to your first meeting, but well-prepared information can help ensure your loan application process starts off on the right track.

The exact requirements for each different lending organization may be different, so researching your top choices in advance is always a smart idea.

If you are attending Access to Capital in Seattle and would like additional advice prior to Nov. 12, please contact one of our credit advisors at  1-888-575-4573 for a consultation (included with your ticket purchase).

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