Start a Consulting Business

Minimum Requirements For Filling Out Your Consulting Services Business Loan Application

Most banks and credit unions will require you to complete an lengthy Business Loan Application packet before they will lend you money for your consulting services. Typically the application packet will be available both online at their website or you can pick up a copy at your local branch office.

The business loan application will be a generic format, it will not be tailored specifically to the consulting services industry. Expect the application to be broken up into 6 or possibly more sections:

1. Table of Contents
2. General Instructions
3. Business Accounts Definitions and Requirements
4. Business Account Application
5. Business Loan Application
6. Personal Financial Statement

Aside from the itemized items listed above, you will be asked to provide a copy of the Articles of Incorporation or Articles of Organization or Certificate of Assumed Name (if applicable). Also have your TIN, which is your consulting services’s assigned Tax Id Number and possibly a Certificate of Good Standing from your Secretary of State.

The business loan application will require detailed figures – providing the lender with a general picture of your company’s financial health, your past personal financial track record as well as your future planned business growth. Don’t expect to fill out this application while sitting at the bank lobby. Get yourself organized and plan to spend some hours putting this application together. The more time you spend on putting together a professional and polished application, the better your prospects of getting the loan amount you need to expand your consulting services business.

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