Apart from its consent box, the request form holds only contact lines and the three ranges. Fairport talks the need through by phone and hands the request to funding partners, who ask for records and decide.
What Cherokee County, SC plants and machine shops need to apply for a business loan
For the first step, a plant or machine shop needs very little: the contact details and three ranges the form asks for. A station store weighing new coolers or an auto shop pricing a lift fills in the same fields. What a partner needs comes later, once it decides to look at the request, and can include:
- Business bank statements for recent months
- Business tax returns, and personal returns for owners in some cases
- A vendor quote or invoice for the machine or tooling
- Every loan or lease the business already pays on, with its monthly amount
- Ownership details and identification for each owner
- Recent profit and loss figures or a balance sheet
The how it works page explains when in the process a partner can ask for each of these.
Steps Cherokee County, SC clothing stores take to apply for a small business loan
- Call (864) 581-2210, or put the contact details and three ranges into the request form.
- Talk the need through with Fairport: what the store will buy, the amount and the date.
- Fairport passes the store's request along to funding partners, one or several.
- A partner that takes it further can ask for records and runs its own review, which can include a credit check.
- Read any written offer for total cost and payment terms, and decide whether to sign.
A filled-in request form is not a credit application. A partner that reviews the request may check credit during its own review, and the owner can ask what kind of check it runs and when.
What banks look at for a business loan from a Gaffney, SC child care center
A bank or funding partner deciding on a child care business can weigh several things at once. None of them is set by Fairport, and each partner applies its own standards:
- The years the center has been open under the present owner
- Deposits and revenue over recent months
- Payments already owed on other loans or leases
- The owner's and the business's credit history
- What the money will pay for, such as classroom furniture or kitchen appliances
- Collateral, if there is any, and a personal guarantee from the owner, if one is signed
Short answers on credit checks, taxes and debt sit on the FAQ page.
Documents Cherokee County, SC clothing stores need for a business loan
None of these go through the form, which has no upload. A clothing store can gather them while the request is talked through, so they are at hand if a partner asks:
- Business checking statements going back several months
- The most recent business tax returns
- A current list of debts and monthly payments
- A written price for new fixtures, a register system or the next stock order
- The lease on the store space, if a partner asks for it
- Owner identification and a summary of who owns what share
Texts about a request follow the SMS terms, and the privacy policy explains what happens to the form details.
By Fairport Business Capital · Updated