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Your preparation of crawling has taken place, now its time to take that first step, LET’S WALK!

Documents

It is very important to have all the correct documents in place, along with making sure all documents are extremely accurate. Keep in mind these set of documents are your rule of thumb for any business you are opening or starting: i.e. Restaurant, Hotel, Nightclub, Multi Unit, Storage Unit, Church etc.

A)Business Plan A business plan should have all information pertaining to your project, ranging but not limited to, experience, why one wants to start / in need of funding, projection etc. I highly suggest having a professional write the business plan for you.

B)Personal Financial Statement This document contains your entire financial history, your net worth, real estate holdings, stocks and bonds, liquidity, etc.

C)Resume/ Executive Summary This will state all of your experience in the industry that you are requesting financing for along with a brief description of why you are seeking funding. This should be no longer than a page long.

Projections

A)Balance Sheet You will need the last 2 – 3 years of your balance sheet. This document states all your assets and liabilities of the business; this document in most cases comes from your accountant via quick books software.

B)Profit and Loss Statement (P&L): You will need the last 2 – 3 years of your P&L statement. This document states the business profits and losses for that year; this document is also obtained from your accountant.

C)Year to Date Financials, or 2 – 3 year projections: Year to date financials refer to both the balance sheet and the P&L, these numbers consist of your current financial status. Projections are needed when opening or purchasing a new business. This document shows all your projected profits and loses, and what risks are involved (I highly suggest having a professional prepare these documents for you) over a 2 – 3 year period.

Taxes

A)Personal Taxes You will need your personal taxes from the last 2 – 3 years, whether its w2 or 1099 self employed.

B)Business Taxes You will need the current business taxes from the last 2 – 3 years.

C)Other Business Entities If you currently have other businesses, you will have to provide the business taxes from those, the last 2 – 3 years.

Credit Report

You will have to obtain a recent credit report from all three major credit bureaus: EquiFax, Experian, and TransUnion what is commonly known as a TRIMERGE credit report.