Are your financials audited, reviewed or compiled? At the 500K mark my bank requires audited. They also want resume of management and a a a bio of the co. It is like telling a story. I have owned two businesses that had million dollar loans. Usually the branch's or district's commercial loan officer can approve this themselves. It will take longer for you to assemble the presentation than for them to approve it. Approval should take less than a week if memory holds true. It has been a long time since I was involved in a large cash user. keypoints 1) equity in biz 2) fixed assets 3) profit margins 4) managements bio 5) current and quick ratios 6) IS this profitable and growing?
7) Use of funds? 8) what are you pledgeing for the loan ? 9) Cash flows? Most important make sure your bank is into commercial lending for the type of loan you want.
Last time I did this many years ago the bank we used wanted prime plus 3 (ouch) but Wachovia (now defunct only wanted prime plus 1) Big price point difference.
