Getting access to business credit has been a challenge in recent years, but the good news is the number of small business loans continues to trend upward. That means the time could be right to upgrade or purchase equipment, hire additional employees or ramp up production to fuel new growth. For most small businesses, applying for a loan is like going to the dentist – uncomfortable but necessary. To make the process less painful and give your business the greatest chance of securing a loan approval, start with the following preparations.

• Gather documentation. Most loan packages will require some basic types of documentation. These include names used, previous addresses, educational background, and personal and business income tax returns for the previous three years. Some programs may also require one year of personal and business bank statements.
• Prepare a resume. If you want to use loan proceeds to fund a start-up, you may need to provide a resume that demonstrates evidence of business or management experience. The more proof you have that you know how to run a business well, the more confident a bank will be in investing in your future.
• Compile a business plan. A lender wants to see that you have a comprehensive and detailed view of your business objectives and goals. Put these ideas on paper in the form of projected financial statements, including cash flow, profit and loss, and a balance sheet.
• Pull credit reports. Mistakes on your personal credit report can hurt your chances of getting a loan approved, so obtain a report from the three major credit bureaus prior to submitting your loan application. Do the same for your business if you are currently in business.
• Think local. An independent community bank like City Bank best understands the local market and the lending needs of local businessmen and businesswomen. We are committed to the communities where we live and work, and want to help them grow and prosper by financing your success.

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For more about preparing a small business loan application, visit SBA.gov. At City Bank, our goal is to help you achieve yours. Turn to our lenders for College Station business loans without the hassle. To get started, call (800) OUR-BANK or complete our full online application.