Financing and Refinancing
Regardless of where you go to apply for capital, your business documents should be in order and easily accessible. Everything from your business history to statement of debt should be clear, concise and accurate. Keep in mind that a lender will give more credibility to a presentation that has been reviewed by an accountant, lawyer or other professional.
Here is a list of materials you will need to supplement your basic business loan application:
- Business plan: Most of the following items should already be in your business plan. If not, consider adding them.
Business history: Give a brief description and history of the business, when it started, ownership, number of persons employed and products.- Personal history: Describe yourself, emphasizing your work experience and reasons why you feel qualified to operate and run your business.
- Management resumes: Describe the education, technical training, employment and business experience of each of your managerial employees.
- Financial statements: Provide balance sheets, including current balance sheet, for the past three fiscal years. Also include a revenue and expense statement for the past three fiscal years, including a statement for the current period.
- Personal financial statement: Supply a personal financial statement for each officer, principal or stockholder with 20 percent or more ownership, showing their net worth outside of the business.
- Debt: List installment debts, contracts, notes and mortgages payable, showing to whom payable, original amount, original date, present balance, interest rate, maturity date, monthly payment, security and whether current or delinquent.
- Income tax returns: Provide copies of federal income tax returns for past three years.
- Accounts receivable: Show amounts due you, from whom and original date.
- Loan proceeds: State amount of loan requested and explain exact purposes for which it will be used.
- Collateral: List collateral to be offered as security for the loan, with your estimate of the current market value of each item.
Earnings projection: Prepare a detailed projection of earnings.
There are many different types of financing programs. Below is a partial list of organizations that have financing and refinancing programs
- Empire State Development (ESD) has many business services. For further information on them, call 1-800-STATE NY (1-800-782-8369) or contact your nearest ESD Regional Office.
- The New York State Banking Department has a source book of private, public and not-for-profit small business assistance programs available in New York State.
- The U. S. Small Business Administration America's small business resource offers a variety of financial programs designed to assist small businesses.
- The New York Business Development Corporation is a privately owned company in which New York financial institutions pool their resources and share risks to help diverse small businesses obtain financing to expand in New York State.
- The Community Development Financial Institutions Fund was created to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities
- The New York City Financial Network Action Consortium (NYCfNAC) was established to provide banking services to businesses in New York City's low-income communities
New York Refinance - Refinancing in New York
If you are looking to refinance in New York, it helps to get the facts before you begin the refinancing process. If you have an existing high interest mortgage, refinancing now could be the best choice for you. You can choose to refinance with cash out to make home improvements or to consolidate bills, or to simply refinance your existing mortgage to a lower interest rate that will save you a lot of money over time. New York real estate is always a booming business. Mortgage lenders in New York and throughout the country are competing for your business. You can get quotes from several lenders with one quick online application. Online lenders are offering the same great terms as traditional lenders and will give you the professional service and attention that you expect.
New York lenders will give you expert advice and superior customer service when you apply for a refinancing loan. If your existing mortgage has a high interest rate, refinancing now could dramatically lower your monthly payments. New York is a diverse state that offers rural living and a bustling city atmosphere. Owning a home in New York is an excellent investment. Real estate values rise continually and the current low interest rates make it easier than ever to refinance your New York home. Mortgage lenders online normally provide mortgage loans all states, including New York. When you apply online for a refinancing loan, you can get multiple quotes from one simple application and you will be contacted within hours by lenders that provide loans in your area. You do not need perfect credit to refinance your mortgage. There are many subprime lenders through online mortgage companies. You can even be pre-approved for a loan from an online lender.
Refinancing your New York home could be the best decision you can possibly make if you want to help secure your financial future. Extremely low interest rates and low monthly payments will give you more freedom to save for college, make home repairs, or simply live life the fullest extent possible. New York lenders are offering previously unheard of terms for refinancing loans. Contact a lender in your area or complete a short online application. You loan could be approved very quickly and you could begin saving money immediately. Mortgage lenders who service the New York area are anxious to help you realize your financial dreams. Get rid of your high interest mortgage and start paying less money on mortgage payments each month. Online nationwide mortgage lenders can provide loans to all areas of the country and can give you low rates on refinancing your home.
To view our list of recommended online nationwide mortgage lenders who service New York visit this page: Recommended New York & Nationwide Online Mortgage Lenders.
| Carrie Reeder is the owner of ABC Loan Guide, an information website with articles and the latest news about various types of loans. Article Source: http://EzineArticles.com/?expert=Carrie_Reeder |
