The form asks for the amount in mind, yearly revenue, time in business, company name and how to reach you, with a consent box; records come later, if a partner asks.
Business Loan Documents Required and Food Orders: Notes for Hastings, NE Restaurant Owners
Business loan documents required for a request come after the form, not with it. A funding partner that takes up the request asks for the records it wants to see, and for a restaurant that list can reach past the bank statements to the food orders themselves:
- Business bank statements, so a partner can see card deposits come in and supplier payments go out
- Recent supplier invoices for food, paper and beverage orders, which show how much stock the kitchen buys and on what terms
- Statements from the card processor, which matter when the kitchen is weighing a merchant cash advance
- Last year's business tax return, plus a profit and loss that runs through last month
- The lease for the dining room and kitchen, plus quotes for any equipment the money is meant to buy
- A list of current loans or advances with their payments
Only 17.0% of the 88 accommodation and food services establishments with a ZIP 68901 address had fewer than five employees, against 47.4% of all employer establishments in that ZIP (ZIP Code Business Patterns, 2023). A kitchen with a full crew should add its payroll records to the pile.
What Does It Take to Get a Business Loan? Start With a Lift Quote for an Empty Bay
What it takes to get a business loan comes down to four things a partner can look at: how long the business has been open, whether deposits are steady enough to carry a new payment, what the money will buy, and whether the owner's and the business's credit hold up in the partner's own review. Sending this form is not a credit application; a partner may check credit once it reviews the request.
Illustration only, invented figures: an auto repair shop wants to equip an empty bay with a lift and an alignment rack, and the dealer quotes $71,400. A partner offering 10.25% a year for seven years would set the shop's bill at $1,194.57 a month, 84 times over. The shop deposits about $41,300 in a typical month, so the new payment would take 2.9% of deposits before the new lift brings in a single job.
That share is one figure a partner can weigh, and it is worth working out before you apply. The repayment calculator runs the same arithmetic for your own quote and term.
What Is a Term Sheet for a Business Loan Application? An Example With Display Cases
A term sheet is a short summary of what a funding partner is proposing before the full agreement is drawn up. It lists the amount, the rate or cost, the length, the payment schedule, any collateral or personal guarantee, and conditions that must be met before funds are released. It is not the final agreement, but the agreement that follows should match it, so a term sheet is the point to ask questions.
| Line | What the term sheet shows |
|---|---|
| Amount | $18,640 |
| Use of funds | Lighted glass display cases and installation, per the supplier quote |
| Term | 36 monthly payments |
| Annual rate | 11.5% |
| Monthly payment | $614.67 |
| Total of payments | $22,128.12, of which $3,488.12 is interest |
| Collateral | The display cases |
| Conditions | A signed supplier invoice before funds go out |
The total comes from the payment shown: $614.67 times 36 months. Compare the total, not only the monthly figure, when two term sheets sit side by side, and read the FAQ for what loan terms and amortization mean.
Before You Press Send: Statements a Hastings, NE Contractor Can Have Ready
A contractor's records tell a partner when money comes in, which is the whole question for a business paid in draws. None of these go into the form; have them on hand for the partner that reviews the request:
- Business bank statements for recent months, with each draw deposit easy to match to a job
- The current job list: each contract amount, what has been billed, and the draw schedule
- A receivables aging report that shows which general contractors are paying slowly
- An equipment list with the year, any payoff balance and the lender on each trailer or machine
- The latest business tax return and, for a newer shop, the owner's personal return
A subcontractor waits on someone else's draw before its own arrives. Of the 101 construction employer establishments in Adams County, NE in 2023 (County Business Patterns), 64 were specialty trade contractors (NAICS 238) and 32 fell under construction of buildings (NAICS 236).
For the order in which everything happens after you press send, see how it works.
By Slateshore Commercial Capital ยท Updated