Before asking about funding, an Auburn, AL owner can name the cost, pick an amount and a term that match how long the cost lasts, and gather bank statements, tax returns and a list of current debts. A one-page plan explains the use of the money and how the payment fits. The calculator checks a level monthly payment.
Getting ready for a small business loan request: an Auburn, AL physician office’s patient-reminder budget
Illustration only, invented figures: a physician office sets aside $5,900 for a patient-reminder texting service and a new appointment website. Spread over 9 months at a 12.45% annual rate, a working capital loan would cost $690.03 a month and $6,210.27 in total, $310.27 of it interest. The steps below get a request like that ready:
- Write down what the money pays for and get the quote or invoice in hand.
- Pick an amount that covers the cost without a large cushion on top.
- Match the term to how long the cost lasts: months for a marketing budget, years for a machine.
- Gather the office’s recent business bank statements and its latest business tax return.
- List every loan, lease and advance the office already pays, with the monthly amount.
- Check that the business name reads the same on the bank account, the tax return and the quote.
- Call (334) 367-2243 or send the request form; Hazelbridge goes over the request and passes it to funding partners.
What the plan behind a loan request covers for an Auburn, AL sit-down restaurant’s payroll
Illustration only, invented figures: a sit-down restaurant signs a weekly catering account and hires two line cooks before the first catering invoices are paid. The added wages run $2,310 a week for 10 weeks, $23,100 in all. A 12-month working capital loan for that amount at an 11.9% annual rate comes to $2,051.33 a month, $24,615.96 over the year, of which $1,515.96 is interest.
A plan for a request like this fits on one page. It says what the restaurant sells and to whom, what the money pays for, when the catering account is billed and paid, and how the monthly payment fits next to the kitchen’s other bills. Twelve months of deposits and the signed catering terms back it up. A partner may compare the plan with the bank statements before making any offer.
Records a Lee County, AL landscaping company can pull together before asking about plant stock
A landscaping company planning a plant stock order can gather these before the first call:
- Business bank statements covering the last twelve months of mowing and installation deposits.
- Last year’s business tax return and a year-to-date profit and loss for the crew’s work.
- The nursery quote for the plants, with quantities and the delivery date.
- Signed installation contracts or accepted bids the plants are ordered for.
- A list of loans, equipment leases and advances already being paid, with balances.
A partner may ask for more or fewer papers than this; each one sets its own list during its review.
The line of credit calculator: checking a payment before an Auburn, AL request
The line of credit interest worksheet and calculator takes an amount, an annual rate and a number of months, and shows the level monthly payment for that schedule. The worksheet on that page explains how a monthly rate becomes an annual one before it is entered, and works an interest-only comparison by hand, since the calculator itself computes level payments only.
Running two or three terms for the same amount shows what a lower monthly payment adds in interest before any request goes out.
By Hazelbridge Financial · Updated
