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How do I apply
for a loan? |
The first step is to complete our
2-page application. The application is simple to complete
and should take only a few minutes to answer. You can request
a loan application by calling our office or we can fax it
to you or you can apply online at www.vsbdc.com.
Once we receive the application, we check your credit history.
Our loan programs require that loan candidates have at least
above average credit. If the credit history meets this requirement,
our loan staff will contact you and work with you on your
loan proposal.
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What is the maximum amount
of money I can borrow? |
We have different loan programs to fit any small
business financing needs. You can borrow as little as $5,000
or as much as $1.3 million. We have loan programs designed
for startup businesses, a loan guarantee for established businesses,
and fixed asset financing for business expansion and commercial
property purchase. Other uses include purchasing equipment
and inventory, working capital, tenant improvements, vehicle
purchase, and debt refinancing. |
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What type of documents do
I need for the loan proposal? |
For startup or newly started businesses, you
must submit 1) a business plan with a 12-month income and
expense projection, 2) a personal financial statement of the
owner(s), 3) personal income tax returns for the previous
three years, and 4) a monthly household budget.
For established businesses, you must submit 1) current
interim financial statements, 2) a previous year-end business
financial statements, 3) current aging of accounts payables
and receivables, 4) current debt schedule, 5) business income
tax returns for the previous three years, 6) personal income
tax returns for the previous three years, and 7) personal
financial statement of the owner(s).
There may be other supporting documents requested. The
documents listed above are typically part of the loan proposal.
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