Applying For Credit

 

Small businesses trying to obtain credit must go through the application process. It is important to have information at your disposal during the application process. The following is a sample of some of the components that might be requested on a credit application form:

 

Business Information

The primary information that is disclosed on a credit application form is the name, address, and contact number of the business.

  • Company name
  • Address
  • Phone number
  • Email address
  • Business Contact Numbers

 

Several contact numbers should be provided so that lenders can reach the appropriate person about regarding any specific questions they have.

  • Managers
  • Financial officers
  • Store managers
  • Phone number
  • Other important contacts
  • Ownership Structure and Key Personnel

 

Applicants should be able to describe how the business is structured, who the key members of management are, what their role in the company is, and how they can be contacted.

  • Structure of the business (corporation, LLC, etc.)
  • Names of key management
  • Social security numbers
  • Phone numbers
  • Email addresses
  • Banking Information

 

Lenders need to know the apply for creditfinancial condition of a company. All banking and investment accounts must be listed, along with any other financial institution that the company does business with. Existing and prior credit relationships help lenders fully review the financial resources and needs of a company.

  • Bank name
  • Bank address
  • Bank telephone number
  • Account numbers
  • Trade References

 

Businesses that have established credit profiles can list their trade references. Current and past references let the lender know of existing and previous trade relationship that would indicate creditworthiness. Before listing trade references on a credit application form, businesses should contact those very same references and make them aware that a lender may be in contact in the process of doing a background check.

  • Name of business
  • Contact person
  • Address
  • Phone number
  • Fax number
  • Email address
  • Supplier Information

 

Like trade references, supplier relationships demonstrate creditworthiness to lenders. List all suppliers, the nature of their service to the business, and the history of payments made.

  • Distributor name
  • Address
  • Contact person
  • Phone number
  • Services supplied