Before a loan request, a Marquette, MI owner can gather the records that show what the money pays for and how the business pays its bills: bank statements, the bill or contract behind the request and a list of current payments. Which other records matter depends on the cost, as four cases from four trades show.
Payroll requests rest on payroll reports; contractor requests on signed contracts and draw schedules; case costs on a ledger kept by matter. Setting monthly payments beside monthly deposits shows an owner what share a new payment would take before a partner looks.
Documents required for a business loan that covers payroll at a Marquette, MI auto repair shop
An auto repair shop asking for money to carry payroll while fleet customers pay late can show the gap with its own records:
- Payroll reports for the last two or three months, with each payday's total
- The open fleet invoices and their due dates
- Business bank statements covering the same months
- Any loan or lease payments the shop already makes
Together they show the size of the gap and how long it lasts, which a partner may compare with the amount asked for. A shop that writes one sentence on why the gap exists (a fleet account that pays at 45 days, say) saves the partner from guessing at it.
The payroll reports also answer a question the bank statements raise: a large debit every other Friday is plainly wages, not a one-time cost. When the reports and the statements agree on the dates and the totals, the file reads as one story rather than two.
Documents needed for a commercial loan: signed contracts and draw schedules at a Marquette, MI home builder
A home builder's request leans on contracts. A partner may ask for the signed construction contract for each house under way, the draw schedule showing when the homeowner's funds are released, and the subcontractor and supplier quotes behind the cost. For a machine, the dealer quote matters more; an equipment financing request rests on it.
Builders with a list of current equipment payments and a record of past draws received on time give the partner a fuller file to review. Change orders belong in the file too: a signed change order that raises the contract price also changes the draw amounts, and with it in the file the partner sees the same numbers the builder sees.
Residential building construction counted 71 employer establishments in Marquette County, MI in 2023, 52 of them with fewer than five employees (County Business Patterns). A small builder's file can be short, as long as each figure in it can be traced to a contract or a statement.
What are small business loan requirements? A Marquette County, MI law office's case-cost ledger as the test
A law office that advances case costs for clients and recovers them when matters close can keep a case-cost ledger by matter: each cost, its date and its status. With it, the office can show that the money spent is tracked and when it may come back.
| Matter | Costs advanced | Status |
|---|---|---|
| Matter A | $2,365 | Open, trial date set |
| Matter B | $1,190 | Settled, costs due back at disbursement |
| Matter C | $845 | Open, discovery under way |
Beyond the ledger, small business loan requirements are set by each partner. Some may set a minimum time in business, a minimum annual revenue or a credit standard; the request form asks for the time in business, the annual revenue range and the requested amount, so the first review can start from those. For buying an existing business, the term loan page lists the larger file a partner may ask a buyer for.
How to qualify for a business loan: a Marquette County, MI chiropractic office sets deposits beside payments
A chiropractic office can check its own position before asking. Invented figures: deposits average $41,870 a month and current lease payments take $1,955, or 4.7% of deposits.
A new loan of $38,415 for a decompression table over 48 months at a 10.6% annual rate would add $985.41 a month (invented), raising payments to 7.0% of invented deposits. A bank or a funding partner may look at the same comparison. The business loans page lists the six funding types, a line of credit among them, and the blog has more articles.
By Cloverbrook Capital Group · Updated
