WomenVenture collects information about you and your business to evaluate your “loan readiness”, including the following:
A written business plan AND substantial experience in the industry or entrepreneurial classroom training.
Enough personal and business income to cover your personal expenses with funds left over each month.
Your business has the potential to be profitable and sustainable.
Factors to consider when applying for a loan with WomenVenture
Your personal credit will be pulled.
- When credit is pulled, data is analyzed as a whole, credit score and report as one
- The minimum credit score accepted is 500, subject to underwriting approval. We can refer you to reputable agencies for guidance on how to improve your credit
- The applicant understands and agrees that we may report the loan payment information to the credit bureaus
- When underwriting a loan, we account for personal and business income. What we look for is the ability to afford business expenses, afford personal expenses, repay debt, and operate profitably
- You must have a business plan
As part of your loan application, all owners of the business will be asked to provide the following documentation to help us understand your business and personal financial situation. Additional documentation may be required depending on your unique situation.
New and Existing Businesses
- Identification (State issued ID, Driver’s License, Passport)
- Proof of citizenship (social security card, birth certificate, permanent residency card/paperwork)
- A comprehensive business plan and detailed budget
- Monthly or annual cash flow projections for 1 year
- Most recent 2 years of personal and/or business federal signed tax returns. Please include ALL pages, all schedules, 1099s, and W-2s
- Proof of current income
- Additional income verification (upon request)
- Most recent month of personal and/or business bank statements
- A copy of your business’ signed lease or letter of intent, if applicable
- Resumes of all owners/partners/shareholders (not required businesses in business for greater than 3 years)
- Must be actively registered with the MN Secretary of State
- Articles of Business Incorporation and Bylaws. For LLC’s and Partnerships, include your Partnership Agreement, Certificate of Formation, Shareholder Agreement or Operating Agreement
- Proof of EIN (Employment Identification Number)
- A current Balance Sheet, signed and dated
- Year-to-Date profit and loss statement, signed and dated
- Narrative outlining your business goals for the next 2 years
If your loan is approved additional conditions may be required including, but not limited to the following information:
- A voided check (or bank statement with routing & account number) of business account
- Borrowers must obtain, maintain and provide proof of business insurance (BPP – business and personal property and liability)
- Additional conditions set forth in the transaction documents
Ready to apply for a loan with WomenVenture?
Once our lending team receives your loan application, our loan consultants will email you the next steps.
Questions about our loan program? We’d love to talk with you!
Contact our loan specialists at email@example.com