Tips on Applying for Financing

The SBA-Write A Business Plan
Florida’s SBDC Network-FREE Counseling to Help Write a Business PlanWhen applying for financing, you must prepare a written proposal. Make your best presentation in the initial proposal and application; you may not get a second opportunity.

Always begin your proposal with a cover letter or executive summary. Clearly and briefly explain who you are, your business background, the nature of your business, the amount and purpose of your request, your requested terms of repayment, how the funds will benefit your business, and how you will repay a loan. Keep this cover page simple and direct.

Many different loan proposal formats are possible. When writing your proposal, don’t assume the reader is familiar with your industry or your individual business. Always include industry-specific details so your reader can understand how your particular business is run and what industry trends affect it.

Sample Business Plan (PDF)

Description of Business

Provide a written description of your business, including the following information:

  • Type of organization
  • Date of information
  • Location
  • Product or service
  • Brief history
  • Competition
  • Customers
  • Suppliers

Management Experience: Resumes of each owner and key management members.

Personal Financial Statements: Access Florida requires financial statements for all principal owners (10% or more) and guarantors. Financial statements should not be older than 90 days. Make certain that you attach a copy of last year’s federal income tax return to the financial statement.

Loan Repayment: Provide a brief written statement indicating how the loan will be repaid, including repayment sources and time requirements. Cash-flow schedules, budgets, and other appropriate information should support this statement.

Existing Business: Provide financial statements for at least the last three years, plus a current dated statement (no older than 90 days) including balance sheets, profit & loss statements, and a reconciliation of net worth. Aging of accounts payable and accounts receivables should be included, as well as a schedule of term debt. Other balance sheet items of significant value contained in the most recent statement should be explained.

Proposed Business: Provide a pro-forma balance sheet reflecting sources and uses of both equity and borrowed funds.

Projections: Provide a projection of future operations for at least one year or until positive cash flow can be shown. Include earnings, expenses, and reasoning for these estimates. The projections should be in profit & loss format. Explain assumptions used if different from trend or industry standards and support your projected figures with clear, documentable explanations.

You must have collateral and at least a 600 credit score with five lines of reportable credit in order to be eligible for consideration by AFFC. There can be no waivers on these basic requirements.

The Florida Black Business Support Corporation dba Access Florida Finance Corporation provides financing to Florida’s small business owners under the Black Business Loan Program (BBLP), as established by Chapter 288 of the Florida Statutes.