How to Successfully Apply for a Small

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1 How to Successfully Apply for a Small Business Loan Olean Area Federal Credit Union 1

2 Applying at a Bank vs. a Credit Union Highly regulated industry Regulations differ from credit union to bank Loan/Relationship Size-$50 $50, Level of Analysis Your personal guarantee 2

3 Credit Unions Are Not Banks Credit Unions Not-For-Profit Cooperatives Owned by Members or Depositors (Capital must be organically grown) Operated by mostly volunteer boards Members or Customers are connected by a Common Bond If federally chartered governed by the NCUA and insured by NCUSIF Other Financial Institutions For Profit and Owned by Outside Stockholders Owned by Outside Stockholders (Capital is affected by the number of investor/stockholders) Controlled by Paid Boards Customers may have no direct connection to one another If federally chartered governed by the OCC or OTS and insured by the FDIC 3

4 The Mysterious Lending Process You will typically provide the following: A business loan application A personal financial statement Three years-business tax data or financial statements Three years-personal tax data 4

5 During the lending process.. You will also provide: Proof of the legal structure, name and identification of your business Copies of Formation Documents Fictitious Name Filings EIN or SSN Assets available for collateral Ab business plan 5

6 What Does the Lender Do With All of That Information? The Lender will make early determinations of: Common sense and merit of your request The 5 C s Cs of credit Character (Will you repay?) Capacity (Can you repay?) Conditions (Does your request make sense?) Collateral (What will you loose if you don t pay?) Capital (How much skin in the game do you have?) 6

7 During the lending process.. The Lender will also: Determine if your loan request fits within Internal policy guidelines External regulatory guidelines Prepare a loan request summary Share all data with a Commercial Credit Analyst 7

8 During the lending process.. The Commercial Credit Analyst will: Enter financials into a software program or Excel spreadsheet Perform a vertical and horizontal trend analysis Compare your company s financial performance your peers 8

9 Common-Sized Balance Sheet/Peer Comparisons Peer Cash $5,000 14% $2,000 8% $1,500 3% 65% Accounts Receivable $10,000 29% $8,000 32% $20,000 46% 10% Inventory $20,000 57% $15,000 60% $22,000 51% 25% Total Assets $35, $25, $43, % % % % 9

10 During the lending process.. The credit analyst will also: Calculate key liquidity, solvency and debt service ratios Attempt to identify positive cash flow Attempt to identify two-three viable sources of repayment Assess your character, capacity, collateral, capital and other C s of credit 10

11 During the lending process.. The credit analyst will also: Compare analysis results against internal and external guidelines Identify strengths and weaknesses of the credit request Look for ways to mitigate risk Prepare a final credit memorandum Send the final document back to the Lender 11

12 During the lending process.. The Lender will: Assign a risk rating to your loan request Determine an appropriate interest rate Approve or deny the request if he s able, or submit it to the appropriate person or group for approval or denial Notify you of the lending decision 12

13 During the lending process.. If the loan is approved, the Lender will then- Schedule an appraisal or other method to clearly determine collateral values Order the creation of loan documents Order or conduct lien or title searches Schedule closing 13

14 During the lending process.. At closing You will: Provide proof of insurance coverage Sign a complete set of loan documents Pay any remaining loan origination or processing fees Receive the loan proceeds 14

15 Cash is King 15

16 If The Cash Don t Flow. The Loan Won t Go! 16

17 Whose money is it anyway? Funds deposited by Members are often used to fund loan requests Funds borrowed by a credit union are then in- turn used to fund loan requests 17

18 Who Cares? Credit Union Members Credit Union Management Credit Union Regulators Banks 18

19 Tips on Getting Your Loan Approved Know how much you need Know when you are going to need it Ask for the funds in advance of the need Provide a clear use for the loan funds Know how and when you ll repay the loan 19

20 More tips on getting g your loan approved... Prepare to provide your personal guarantee Show that you have injected personal savings or equity in the business Have personal and business assets that you can provide as collateral Maintain good personal credit 20

21 More tips on getting your loan approved Be honest Provide all requested data Know your market Have a firm understanding of your company s finances 21

22 More tips on getting g your loan approved Show passion and enthusiasm for your business Provide a well thought out business plan Document and support your projections Be able to speak intelligently about your company and share your vision 22

23 More tips on getting g your loan approved Prove your expertise Show common sense Provide a Personal Financial Statement that s complete and balanced 23

24 Sleep At Night Factors for Lenders and Credit Union CEO s A strong, clear and steady source of cash flow exists At least two viable sources of repayment exist Borrower or guarantor have good personal credit Loan is well secured by marketable collateral Borrower o has personal assets at risk Borrower s industry is an acceptable risk Borrower s customer base is diverse and strong Borrower s supplier base is diverse 24

25 Conclusion Be prepared Provide everything that is asked of you, initially and on-going for the life of the loan Remember. Cash is King and If the Cash Don t Flow.The Loan Won t Go! 25

26 You Can Belong to A Credit Union 26

27 Presented by Olean Area Federal Credit Union For additional information about our business lending program, contact: Brian Snyder at ext. 125 or Michelle Schram at ext

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