How to apply for a business loan.

By ·Business Advisor - New Mexico SBDC

This class will prepare students for their first and subsequent meetings with a local business banker, and explain how they can take charge of the loan application process.

Students should collect their personal financial information and the financial information of their existing business before the class starts.

The class will cover business plans versus loan applications for those students who are seeking financing for a non-technology business that does not exist (i.e. a "main street" startup).

Successful students will be able to write a brief (2-3 page) "letter of inquiry" addressed to a banker that describes (with supporting information) the loan they are seeking, and asks the banker for an expedited response.

Prerequisites
Basic knowledge of personal and business financial statements (balance sheet, income statement and statement of cash flow) is assumed. You will be instructed how to build these documents from scratch using a spreadsheet so knowledge of Excel is important.
Schedule
  • How to apply for a business loan.

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Mike Byrnes

Business Advisor - New Mexico SBDC

I have been a business advisor with the New Mexico Small Business Development Center since 2005.  As an SBCD business advisor I draw on my finance training and commercial banking background to provide business planning and financial forecasting assistance to students and clients. Before moving to southern New Mexico I was an internet entrepreneur in Austin, TX so I have experience as both a small business borrower and a lender.

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