Equipment Loans and Lease Hold Improvements Loan (Unsecured)
Small Business Loan from $100k-$500k and up
Suitable candidates: Small/Medium enterprises, start-ups and existing firms, requiring capital equipment loans needed for the business operations and/or lease hold improvements such as construction, remodelling and launch of the primary place of business.
1. Good credit of the business owner(s) BCN score of 650 and up
2. Good net worth of the business owner, preferably higher than the loan amount requested
3. Business plan or proven revenue generation by the business supported by financial statements/bank statements
Other important requirements good to know applying for this type of loan. If business is a start-up, financial plan and business plan has to be prepared by experienced professionals who thoroughly understand bank’s requirements for this particular type of business and financing program. If we advise to use CSBFL program personal net worth, opening balance sheet, break even analysis and 2 yr projections are a must and needs to be thought through thoroughly in order to qualify for this loan type. The projections and financial plan has to cover the loan payments in full and monthly budget has to take into account loan payments as well.
If business is existing business, our advisors will need to model and calculate economic effect that company will have post financing and this effect has to be definitely cash positive and preferably generating minimum 20%-30% of extra revenue and eventually in net income post financing. This effect has to be in line with historic operational figures, and preferably based on real life examples. Sometimes we will advise to execute preliminary marketing and effort to obtain additional contracts and PO’s based on availability of new equipment or production capacity expected to be brought post financing before applying for financing in order to obtain additional proofs of the above mentioned economic effect. In order to obtain this form of small business loans, 2 year financial reports (sometimes 1 year is enough) has to be prepared by a licensed accountant who is willing and able to answer some questions in regards to company’ performance. Once engaged our experts will advise on the best possible avenue in order to qualify for this type of small business loan.