Proposal Term Sheet – Small Business Loan Process

In this phase BCI Lending will need certain information from you to get the loan application process rolling. The first section of the Loan Requirement Checklists can display all of the preliminary information needed so that BCI Lending can review your loan request. Please provide us with the following general info depending on whether your small business is a Start-Up/New Business or an Existing Business:

Start-Up/New Businesses	Existing Businesses
Signed current personal financial statement for each business owner Personal resumé for each business owner Signed authorization for credit and background inquiry for each business owner Brief description of use of loan proceeds and collateral to be offered Financial projections for three (3) years A completed Business Plan	Signed current personal financial statement for each business owner Personal resumé for each business owner Signed authorization for credit and background inquiry for each business owner Brief description of use of loan proceeds and collateral to be offered Latest fiscal year-end business financial statements Latest interim business financial statement

Upon receiving the information:

After your information has been received, our loan committee will move quickly to assess your application and provide you with a loan proposal or term sheet. Typically, you will receive a reply concerning BCI Lending's interest in your loan request within two (2) business days.

A positive response from BCI Lending regarding your loan request means that you can move on to the next phase of the small business loan process, Final Qualification, where you will be asked to provide more information.

To expedite the loan process, please ensure that you have avoided these common mistakes when preparing your information:

Personal Financial Statements

Include all liabilities that you owe on your personal financial statement. Remember that BCI Lending will obtain personal credit reports to verify outstanding personal debt of all the parties involved in the transaction.
List all debts that you have co-signed or guaranteed.
Accurately state your gross income. BCI Lending will compare your stated income with personal income tax returns.
Realistically assess the market value of the real estate that you own.

Business Financial Statements

Ensure that the financial statements balance.
Always send both a balance sheet and corresponding income (profit and loss) statement to BCI Lending for each period required.

Step 2: Proposal / Term Sheet

Upon receiving the information:

Personal Financial Statements

Business Financial Statements