Items Required for Loan Processing

All of the following items must be submitted. Incomplete packages will not be considered.

Preliminary Application

The Preliminary Application is obtained from the Development Office.

Business Plan

A business plan must consist of a narrative explaining:

  • Your company; why it was formed.
  • History and description of industry.
  • Competition; what makes you different.
  • Market study and strategy.

Financial Statements

  • Month-to-month cash flow projections for three years or 36 months.
  • Projected balance sheet and profit and loss statements for three years.
  • Justification of line item assumptions; what is the basis for your line item sales figures and your line item expense figures?

Statement of Purpose

A Statement of Purpose for the loan proceeds including itemized use of funds is required.

Written estimates must be included, if applicable, of:

  • Building renovations
  • Equipment
  • Inventory
  • Purchases

Statement of Equity

The Statement of Equity is the amount of funds you will be putting into the business.

Other Documents

  1. Current Financial Statements of business (income statement and balance sheet) for existing businesses. List of start-up costs for new businesses including written estimates of all estimated purchases.
  2. Tax Returns for the past three years (personal and business).
  3. Personal Financial Statement for each owner owning at least 20% interest.
  4. Personal Credit Report for each responsible owner with at least 20% interest.
  5. Resumes of owner/operators and other key people.
  6. List of Current Obligations (business and personal).
  7. Business References
  8. Collateral offered to secure the loan.
  9. Documentation indicating you attempted to obtain funds from a financial institution.
  10. Documentation of Jobs Created: List, by job title, of jobs to be created or retained and indicate jobs which will be made available to low to moderate income persons, whether a job is full-time or part-time; and which jobs require special skills or education.

Additional Information

A description of actions to be taken by the loan applicant which ensures low to moderate income persons receive first consideration for the designated jobs must also be provided, as well as a description of the hiring process. Retained jobs must be made available to low to moderate income persons within two years through turnover.

If your loan request is approved, you may be required to register with the Workforce Development Department of the Piedmont Triad Regional Council (PTRC) to identify qualified job candidates. They may be contacted at 336-904-0300.

For more information, please contact Steven Harrison, Economic Development Specialist, at 336-747-7474 or go to the Small Business Liaison Contact Page.