Before You Ask for Funding: Be Prepared Entrepreneur, are you ready to talk about money?
- Jul 29
- 1 min read
By Esteban Guzman
Whether you're applying for a business loan, line of credit, or grant, preparation is key. Being organized before meeting with a lender or funding organization demonstrates professionalism, builds confidence, and can help speed up the approval process.
Before you apply, have the following documents ready:
A detailed business plan with an executive summary.
A personal financial statement (dated within the last 12 months) for all borrowers and guarantors.
Three years of personal tax returns (2023–2025).
Schedule K-1 forms (2023–2025), if applicable.
Three years of business tax returns for all businesses that generate income.
Year-end balance sheets and income statements for 2023–2025, plus a year-to-date 2026 financial statement.
A current list of all business debts and monthly payments.
The last 2–3 months of business checking and savings account statements, including analysis account statements, if applicable.
The last three months of merchant account (credit card processing) statements.
Information about your bookkeeping system (software or manual).
Need help developing your business plan or preparing for financing? Contact the Small Business Center at Wayne Community College.
Esteban GuzmánDirector, Small Business CenterWayne Community College3000 Wayne Memorial Dr.Goldsboro, NC 27534Wayne Learning Center, Room 195EGuzman@waynecc.edu+1 (919) 750-1742 |
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