THE FIRST STEP to getting a loan is to discuss your project and your readiness with an AEDC representative at 707-798-6132.
To apply for a loan, you will be asked to provide the following information:
1. Business Plan
If you are a new business you will need a business plan and financial projections for two years. If you are an established business you will need either a business plan or a history of adequate cash flow and repayment ability.
If you need to create a business plan, we work with several agencies that can provide technical assistance. If you are in Humboldt or Del Norte Counties, you can work with the Northcoast Small Business Development Center. In Mendocino/Lake County, WEST Company provides technical assistance. In Siskiyou County, Jefferson Economic Development Institute (JEDI) has information that will help you form a business plan. If you do not know who to contact in your region, feel free to contact us at AEDC.
We also have some blog posts that help you prepare for a business loan. Learn about establishing credit here. Learn about keeping good financial records here. Find out about what a lenders look for when they see your business plan here.
2. Application Package
Each loan is different, so the checklist on the front page is an example of all the things you might be required to provide, but it is unlikely any client will need everything on the list. Download the Application Package here.
3. Tax Returns
You will also be asked to provide business tax returns for the previous three years. If you are a new business, please provide personal tax returns for the previous three years for each owner, partner, or officer of the business.