loan. This includes, first and foremost, your financial projections. The loan officer needs to be convinced that the opportunity has a good chance of making a good profit, which in turn will enable you to pay the bank back. Documents include your income statement, cash flow projections, and balance sheet.

You will also need to establish your credibility and skill, as a way of proving that you have the expertise to manage the opportunity well. Do include your resume or bio-data, references, and any information on your partners.

For filing purposes, you should also give your personal identification and social insurance number, a list of your bank accounts, your personal net worth statement (with a list of assets and liabilities), and credit references. This will help the bank evaluate your credit history, and determine how high the “risk’ the bank will take in lending you the money.

If you are Expanding an Existing Business

If the company is already in existence, and you are getting a loan to expand it, you will also have to furnish a copy of the company’s bank accounts and credit references, a complete set of financial statements from the last three years, current year to date financial statements, and accounts payables and receivables.

You will also need to supply the loan officer with a company history, a background of the existing products and services you provide, and statistics that prove that there is a viable market for expansion. You may have to give industry statistics or research that support that the opportunity exists and that your existing resources cannot sustain the possible growth. You may also have to submit a plan of how you will allocate the money and the projected increase in revenues.
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