How To Get A Small Business Loan in Virginia

Starting your own business is a dream shared by many and is part of “The American Dream.” Most small business owners need a loan to get their project off the ground and there are a number of requirements for how to get a small business loan in Virginia.

The U.S. Small Business Administration provides a checklist of things that are most often required when applying for a small business loan.

Some of the Things Commonly Requested from Individuals Seeking a Small Business Loan:

  • Most banks will run a consumer report of your previous banking relationships to make sure you don’t have a record of charged-off accounts or fraudulent activity
  • A business plan that includes your projected finances including cash flow, profit and loss and a balance sheet.
  • Although the lender will run a credit check, it doesn’t hurt to prepare your own personal credit report to clear up any errors or blemishes.
  • Some lenders may want to see a resume to see evidence of business or management experience.
  • You’ll likely be asked to submit your income tax returns for the previous three years.
  • In addition to your business plan, you may be asked to submit signed personal financial statements.
  • Bank statements are typically requested to display your recent banking activity.
  • Collateral is sometimes requested for loans involving high risk factors for default.

You may also be asked questions such as how the loan money will be used and who else will be involved in managing the loan.

But the steps involved in how to get a small business loan in Virginia don’t end there. The most important thing you need is a lender willing to take a chance on your business. First Bank’s small business lending program was named one of America’s best by Entrepreneur and has seven locations in Virginia to help you attain the American dream.

Loans subject to credit approval.

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