This is a subscriber-only article.

For a limited time, join Entrepreneur+ and save 50% during our Cyber Monday sale. Use code SAVE50.

Join Now

Already have an account?

Sign in
Entrepreneur Plus - Short White
For Subscribers

Loan-Packaging Help How do you show lenders you mean business? A professionally prepared loan package may help.

By Crystal Detamore-Rodman

Opinions expressed by Entrepreneur contributors are their own.

For a decade, entrepreneur Jared Heyman steered clear of commercial lenders in favor of self-financing his Atlanta-based online market research firm, Infosurv Inc.; however, his company's rapid growth intensified his need for outside funds. Ready for expansion, Heyman recently set out to obtain financing at a time when many companies are feeling the pain of a tightening credit market. With lenders treading more cautiously in the uncertain economy, Heyman decided to enlist a local Small Business Development Center to help him assemble his loan package--which experts agree can make or break a financing deal.

Heyman's loan package effectively told the story of his company through financial statements, detailed projections and a thorough explanation of how the loan would be used. "The banks care less about the pitch and more about the numbers," says Heyman, 30. "It's a risk-averse [lending] climate right now, and banks want to see very strong numbers."

The extra planning paid off: Heyman's firm, whose client roster includes Fortune 500 companies and government agencies, successfully made its case for financing and was awarded a $240,000 line of credit. The company projects 2008 revenue will hit $3 million.

Editor's Pick

Related Topics

Business News

Can't Find a Place on Airbnb? The New 'Black Market' Has You Covered.

Tightening regulations on short-term rentals in NYC has led to a shadow market for Airbnb alternatives.

Growing a Business

More Than 90% of Startups Don't Make It. This CEO Reveals What It Takes to Not Only Survive — But Thrive.

Learn what it takes to grow a company while also scaling as a leader.

Marketing

5 Scrappy Ways to Create Quick Marketing Wins

Marketers are under pressure to create both short-term and long-term successes. Here's how you can create quick wins easily alongside your bigger strategy.

Starting a Business

How Business Community Is Making CEO Life Less Ghastly

People are starting to notice that if you want to get the best out of entrepreneurs, you have to support them. But how?

Business News

A Woman Is Suing a Popular Salad Chain After Allegedly Finding a 'Chopped' Human Finger in Her Bowl

The incident allegedly occurred at a Chop't location in Mount Kisco, New York, on April 7, 2023.

Business News

Mac Without Cheese? Kraft's Newest Product Is Going Vegan

Kraft is releasing a plant-based version of its iconic Mac & Cheese called "NotMac&Cheese."