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Before You Seek Financing

Prior to approaching a lending institution, you should be aware of items that will be taken into consideration by the bank.

Credit:  Do you have a successful financial track record or do you need to improve.  Click here to learn more about credit scores.

Collateral:  Do you have the assets required to secure your loan?  Click here to learn more about this requirement.

Capital:  Every business owner will be required to put his or her own cash into the venture.  Click here to learn more about this requirement.

Conditions:  Under what economic conditions will the business be operating.  What is the state of the local, state and/or national economy?  Click here for one tool to help you get an idea of the anticipated economic conditions in Hampton Roads.

Character:  This is a combination of your credit score and just how professional and prepared you are when dealing with your bank.


Once you have reviewed the above requirements, you need to prepare a statement of personal history and a personal financial statement.  Click here for the Statement of Personal History and here for the Personal Financial Statement.


Once this is completed, you should develop a monthly personal budget to get a complete understanding of what money you will need to support you and your family throughout the year.  Click here to access this.


Business Preparation

Once you have completed your personal analysis, the following business considerations must be thoroughly examined and you should be ready to answer these 20 Questions.


In addition to evaluating your personal preparedness  for a loan, banks will examine you’re the financing needs for your business.  Click here for a review of some items that banks take into consideration.


A well thought-out and presented business plan will be required with you loan application.  Click here to learn more about writing a business plan.

Two key local resources that can provide assistance include the Hampton Roads Small Business Development Center ( and the local SCORE chapters in Norfolk, Hampton and Williamsburg (

hampton roads chamber of commerce thomas nelson community college small business association george mason university