Franchise Financing Report
Wrap up of the Report
Gaining the necessary financing for your franchise venture can be an overwhelming task, but preparing all of your documents in advance can help tremendously in expediting the process. Different institutions will more than likely have varying forms and documents they want submitted. The following checklist will help you in gathering all of the paperwork that lenders may require to complete your application.
Personal background
- This includes educational and work history, criminal record, etc.
- Business plan
- All lending programs require a business plan that includes, among other things, projected financial statements, balance sheet, cash flow statement, and income statement.
- Personal credit report
- The lender will access your credit report during the loan application process. Remember to request for a credit report from each of the three national credit-reporting bureaus before you send the loan request form so you can review them for accuracy.
- Loan information
- Specify the amount of money you’re requesting, the type of loan, how the loan will be used, and the amounts of assets you currently have.
- Business financial statements and income tax return statements for the past three years.
- Bank statements
- Personal and business bank statements for the past 12 months.
- Accounts receivable and accounts payable for the past 90 days.
- Collateral
- Some loan packages do not require collateral. But, if collateral is required, describe what will be used to secure the loan.
- Legal documents
- Lenders may require additional documents, such as franchise agreements, business license/registration, commercial lease, articles of incorporation, etc.
 |
Your Request List