How
To: Use Government Loan Programs
-
Plan
ahead and apply early to allow enough
time for loan processing.
-
Be
prepared to disclose both your business
and personal financial history.
-
Loan
programs take a subordinated on the
collateral and offer a lower than market
rate of interest as an incentive for
bank participation in your project's
financing. Discuss those advantages
with your banker.
-
All
government loan programs require collateral
and demonstrated repayment ability.
-
Targeted
projects may include: development of
new technology; secondary agricultural
processing; export markets; community
projects which stimulate other business
development in economically depressed
areas; business and minority and women
owned businesses.
-
The
amount of money available for lending
by some programs depends on the accumulation
of repayment by previous borrowers.
This can sometimes mean a wait for new
applicants.
Pre-Application
Checklist
-
Business
financial statements for the previous
three years. Business financial statement
within the past 90 days.
-
Projected
Income statement for two years.
-
Breakdown
of the use of proceeds. Personal financial
statement.
-
Resume.
Here
is a brochure of small
business loan programs available in
our area.
Here
is a summary of recent
lending activity.
Pleasecontact
John
Safstrom at 503.588.6177 for more information
about these services and programs.
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