This blog was written by Carly Perera, PCV’s SAIL Loan Officer
To grow a business, you need capital. But that gets difficult for entrepreneurs as small business loans become harder to secure. At PCV, we recognize that not all businesses are the same, and not all businesses can be judged by a set of rigid criteria. While financials are obviously a critical piece of your small business loan application, the most important piece is the story behind the numbers. To help tell your story and prepare your application, think about the following:
- What do you plan on using the funds for? Knowing exactly what the money will go toward shows the thought that you’ve put into your application.
- What does the management team look like? If you have a strong management team with great leaders and experience, you look more attractive to a lender.
- How have you used your mistakes as a pivot point? Make sure to tell your lender about how you’ve corrected and moved on from past hiccups.
- Why do you do what you do? Passion is contagious and if you make the world a better place through your goods or services, all the better.
- Who knows about you? Name dropping is okay – don’t forget to mention awards, news articles, well-known clients and other people who you’ve caught their eye.
Interested in applying for a PCV small business loan? Check out our website and learn more about the SAIL Fund, which stands for Small Business Advisor Integrated Lending Fund. If you pre-qualify for a loan, we’ll match you up with a small business advisor who can help you work through these questions and get your application ready.