Advice in preparation for disaster loan application

This advice was shared by Michael Wampler with the Northwest Iowa SBDC.

Start gathering the information NOW that would typically be on any loan application. This may not be exactly what is needed for the program, but these are some common requirements for loan applications:

·  Last three years of federal tax returns for the business.

·  Last three years of personal federal tax returns.

·  A Personal Financial Statement.

·  Articles of Incorporation \ Certificate of Organization \ or other entity formation documents

·  A Business Plan with Financial Projections might be helpful, but probably not required

 

Another thing: document lost revenue. For example, if you are a caterer that lost a $2,000 wedding because of Coronavirus, make a note. It may not be used, but many times in disasters, lost earnings are consideredl. It is better to keep track of that information now if it might be used later.