Whether you are a new startup or an existing business, you may need to apply for a loan to finance your business. Read the Finance section for a discussion of the different types of financing typically used by small businesses, as well as the information generally needed to secure a loan. The SBDC can assist business owners in completing a Business Plan (startup businesses) or a Loan Package (existing businesses in business for at least one year) in order to apply for a loan. Our Business Analyst is familiar with many banks and other lending institutions and can assist you in determining the best place to apply.
Startup businesses should review the Business Planning Guide and begin to draft the Business Description and Marketing sections of their plan (pages 15 – 22 of the Business Planning Guide). They can then request a counseling session with the SBDC to review.
Existing business owners who have been in business for over one year may not need to draft a complete business plan, but should have their FICO credit score, financial statements for the past three years (or less if the business has not been existing for three years), and personal financial statement ready for review by the SBDC Business Analyst when discussing how and where to apply for a loan. See the Request for Counseling page to make sure that you are in the Alexandria SBDC’s service area and to complete the steps necessary for counseling.