0365 - Small Business Loans Deciphered - In-Depth Look into the Commercial Loan Process
Course Description
The loan process for small business owners can be stressful and confusing.
Most lenders examine business loans with an extensive process that includes, but not limited to, a complete review of the business financial statements (past and present), projected financial statements, the business owner(s)/guarantor(s) financial position, personal credit reports, and loan collateral evaluation. By the end of this session, the participants will understand the business loan process, how their personal credit and financial position is viewed by the lenders, how business loans are structured, and understanding of other business loan related items like term sheets, debt service coverage, etc.
Course Outline
1. An in-depth dive into the 5 C's of credit.2. Key information on understanding your personal credit in the business loan process.
3. Understanding the business loan approval process and the terms/documents associated with business loans.
4. How to develop a strong loan pack and establish solid banking relationships.
5. Q & A
Learner Outcomes
- Obtain a better understanding the business loan process.
- How lenders view business loans and an understand an outline of the approval process.
- Understanding how personal credit/financial position is important as a business owner and loan guarantor.
- Tips for developing a better loan package and growing the banking relationship.
Notes
A Public Service and Outreach Unit of the University of Georgia. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All programs of the UGA SBDC are open to the public on a non-discriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.