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Need A Commercial Loan?

Applying for a Commercial Loans

Business owners, especially those in a growth mode, often times need a loan to purchase new equipment, to expand or renovate their physical plant or to cover cyclical cash flow needs.

United Southern Bank’s commercial lending team has a great reputation in Lake County as being responsive and willing to get to know our business customers and their specific needs. However, making a formal request can be an overwhelming task.
We have gathered advice and tips from our commercial lenders to help make your next loan request easier.

Tell Your Story

  • History – explain your experience and your company’s experience and reputation in the industry. Your reputation will play a large role in your credit approval.
  • Purpose – clarify why you want to borrow, how much and specifically how the loan proceeds will be used. Be ready to explain how the loan will help your company be competitive or grow.
  • Repayment – have an idea about how your cash flow will allow you to repay the loan. Explain how this loan will impact your business and help you repay the additional debt.
  • Collateral – describe what you have to offer as security for the loan. Consider what other assets you have, either business or personal, that might you might offer.

Document Your Story

  • Financial information – provide three years of complete personal and corporate tax returns, current personal financial statement, year to date company financial statement and schedule of debts.
  • Other information (if applicable) – references, accounts receivable aging, accounts payable aging, financial projections, equipment list, construction plans, etc.

Understand The Bigger Picture

  • Guarantors – USB typically requires the personal guarantees of the company principals.
  • Credit – your past credit history will be considered in your loan approval. Be ready to discuss the good and the bad.
  • Relationships – build a relationship with a commercial banker before a need arises. Ask to meet a commercial lender, learn what we have to offer, suggest a tour of your facility and start to build trust.
  • United Southern Bank commercial lenders are rooted in this community and are committed to helping your business and the economic climate of Lake County. Call us today!