Getting a small business loan shouldn’t feel like running a marathon or going to court! As part of our mission to revolutionize small business lending, we’ve transformed the brutal process into a quick and seamless experience. Our online application software will guide you through each step of the process, and our team is ready to answer any questions that you may have.
Applying for a Bond Street loan is simple and painless (if you’re prepared). So, what do you need? Well, first, you’ll want to make sure that your business meets our minimum requirements:
At least 2 years of operating history
At least $200K in annual sales
Profitable (or a positive net income)
Checked off on all of the criteria above? Great. As long as you have the information below on hand, the application process will only take you 10-15 minutes.
Tax EIN
What it is: The equivalent of a social security number for your business. The IRS uses Employer Identification Numbers (EINs), also known as federal tax identification numbers, to identify business entities.
Why we need it: We use your EIN to request your tax return transcripts directly from the IRS. (Check out our Privacy Policy to see how we keep your data safe.)
How to get it: If you’ve filed business taxes, you’ve already applied for and received your EIN. If you’ve lost or misplaced it, search for the IRS’ receipt/confirmation of your EIN, look at your previously filed tax return, or call the IRS’ Business & Specialty Tax Line at (800) 829-4933.
Balance Sheet
What it is: A balance sheet is financial snapshot of your business’ financial state. (In fact, it’s sometimes called a “statement of financial position”!) It captures a summary of your assets, liabilities, and equity. (See an example in our Guide to Balance Sheets and Income Statements.)
Why we need it: We need your latest balance sheet to give you a loan size and loan term that makes sense for your current finances.
How to get it: Download a free balance sheet template by clicking the button below.
Income Statement
What it is: Income statements show how profitable your business was over the course of a specific time period. An income statement is also known as a profit and loss statement or P&L. It follows a basic formula:
Revenue - Expenses = Net Profit or Loss
Why we need it: We need income statements covering your last two years as well as a statement for the year-to-date. Without these, we wouldn’t know if your business is ready for debt, and how much.
How to get it: Download a free income statement template by clicking the button below or from our Guide to Balance Sheets and Income Statements.
Want some more information on the application process itself? Check out our Step-By-Step Guide to Applying for a Bond Street Loan.
At Bond Street, we believe financing a business should be simple, transparent, and fair. Reach out today or check your own rate in less than a minute.
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