Documents for Start-Up Businesses
Documents for Start-Up Businesses
Documents for Start-Up Businesses
If you’re a new business, here are a few important documents you may need when looking to apply for a loan.
Businesses Established for Less Than 2 Years:
- 2-year profit and loss projections showing revenues, costs, operating expenses, and income that provide sufficient detail to indicate the business’s finances
- Specific breakdown or a List of Use Loan Proceeds
Businesses Established for Less Than 1 Year:
All of the items shown above, plus the following items:
- Business plan that conveys the business, market, competition, etc. If you need assistance with your business plan, there are several agencies that can assist you:
- Small Business Administration: sba.gov
- Score Hawaii: hawaii.score.org
- Small Business Development Center: hisbdc.org
- Patsy Mink Center for Business: mcblhawaii.org
- Proof of minimum equity injection equal to at least 20% of the loan amount
- Invoices with proof of payment receipts or cash equity as verified by deposit balance in the business checking