Brookmark Financial in Sterling, Colorado takes a request by phone or web form and passes it to funding partners, who review it and make their own decisions.
The business loan underwriting process for a Logan County, CO retail store
Underwriting is the name for the partner's review. For a retail store, it typically covers the bank statements (deposits, balances and any overdrafts), the tax returns, the owner's credit, existing debts, and the purpose of the money. For inventory or equipment, the partner also judges the goods or the machine that secures the loan.
- The partner reads the request and the purpose.
- It reviews bank statements and tax returns.
- It checks business and personal credit.
- It decides whether to offer, and on what amount, rate and term.
How a Sterling, CO insurance agency checks its FICO SBSS score online
The FICO Small Business Scoring Service (SBSS) score is a business credit score calculated by FICO from business credit data, the owner's personal credit and financial details. Some lenders use it to screen smaller loans. An insurance agency that wants to know whether it applies can ask the lender reviewing the request. The owner's personal credit reports, which feed into it, can be checked directly with the credit bureaus.
How Logan County, CO auto repair shops qualify for a business loan
Qualifying comes down to a few questions: how long the shop has operated, how much revenue it brings in, how steady its deposits are, what debts it already carries, and the owner's credit. Auto repair and maintenance shops counted 19 employer establishments in Logan County, CO in 2023 (County Business Patterns), and a shop that can show steady deposits over recent months has much of the answer in hand.
Small business loan requirements for Sterling, CO insurance agencies
- Time in business; each partner sets its own minimum.
- Revenue that supports the payment.
- Business bank statements without frequent overdrafts.
- Owner credit history.
- A clear purpose and amount.
Requirements differ by partner and product. Equipment financing leans on the machine; a line of credit leans on the business's cash flow; a merchant cash advance looks at card sales.
What documents do Logan County, CO insurance agencies need for a small business loan?
- Business bank statements for recent months.
- Business tax returns for two years, and personal returns for owners.
- Profit and loss for this year so far, plus a current balance sheet.
- Photo ID, such as a driver's license, for every owner.
- The quote, invoice or agreement for the purchase.
- Commission statements, for an insurance agency.
From the first Brookmark call to a partner decision, step by step
- Call (970) 602-6731 or send the web form with contact details and the three ranges.
- Talk through the purpose, the amount and the timing.
- Share the records a partner asks for.
- A funding partner looks over the request and chooses whether to offer anything.
- Read any offer, its total cost and its terms, and accept or decline it.
By Brookmark Financial · Updated