The four steps from a first call to a funding partner's decision for Hastings, NE businesses, with the requirements partners review, examples for stores, contractors, practices and restaurants, and a papers checklist.
How to Get Working Capital Loan from Bank? An Example With Display Cases
A bank is one route to a working capital loan: you open an application with the bank, it reviews your accounts and credit, and it decides. A funding partner is another. Through Slateshore, one request can reach more than one partner, which helps when a bank's requirements do not match a small business.
Take a Hastings, NE store that needs cash for payroll while waiting to install new display cases. At a bank, the owner brings statements and tax returns to a branch. Through Slateshore, the owner calls or sends the form, talks through the need, and the request goes to partners who review the same kinds of papers.
More on how this works for payroll is on the working capital loans page.
What Are Small Business Loan Requirements? An Example With Job-Site Trailers
Requirements differ from partner to partner, and the questions behind them cover how long the business has run, how much it takes in, what it already owes, and what the money is for.
For a contractor that needs job-site trailers, the request is stronger with the dealer quote in hand. Illustration only, invented figures: $38,000 of trailers over 60 months at an annual rate of 10.75% is a payment of $821.48 a month, and a partner will compare that with the company's monthly deposits.
- Time in business and annual revenue
- Business bank statements
- Tax returns, for larger or longer requests
- A quote, bid or purchase agreement for what the money buys
- A list of current debts and advances
What Are the Steps to Get a Business Loan? An Example With Rehab Gear
From the first call to a partner's decision, the steps run in this order. A therapy practice buying rehab gear follows the same path as any other business:
- Reach Slateshore by phone, or fill in the form with your contact details, company name, years open, yearly revenue and the sum needed
- Talk it through with Slateshore: what the rehab gear costs and which option fits
- Partner review: the request goes to one or more funding partners, who may ask for statements or quotes
- Offer and decision: a partner that makes an offer sets the terms, and you decide whether to accept
Nothing is final until you sign a partner's agreement, and you can stop at any step.
How to Apply for a Small Business Loan: Slow-Week Payroll and Fryers at a Restaurant
A restaurant applying for money to cover a slow week of payroll and a new fryer is really making two requests. The payroll is short-term and fits a line of credit or working capital; the fryer fits equipment financing.
Say so on the first call. Splitting the two helps a partner price each part on its own terms. The line of credit page covers the payroll side and the equipment financing page covers the fryer.
Papers to Gather Before Calling Slateshore in Hastings, NE
Having papers ready before the first call makes the conversation shorter and the request clearer. For a Hastings, NE business that usually means:
- Business checking statements for each of the last three to six months, every page included
- The most recent business tax return
- A quote, bid or invoice for what the money pays for
- Card processing statements, if you take cards
- A short list of current loans, leases and advances
Sole owners need this list as much as anyone. Roughly one working Hastings, NE resident in ten runs their own business: 10.3%, with a margin of error of 1.9 points, in Census survey estimates for 2020-2024. For a sole proprietor, personal and business records are often the same papers.
By Slateshore Commercial Capital · Updated
