Whether you are getting ready to apply for a loan or want to strengthen your next application, there are resources to help you get “loan ready”.
Q. This is my first time applying for a small business loan. What do I need to know?
A: We’ve prepared this short YouTube video to share all about the business loan experience:
Q. How can I see my credit report and find my credit score?
A. Your credit report is an important part of your financial life that can determine whether you can get credit, how good or bad the terms are, and how much it costs you to borrow. Learn how to get your free credit report — and why it’s a good idea.
All three of the major credit reporting agencies offer free access to your credit report and credit score:
- Equifax https://www.equifax.com/personal
- Experian https://www.experian.com
- TransUnion https://www.transunion.com/annual-credit-report
Q. I have a low credit score. What can I do to improve that?
A. Here are a few organizations that can help you learn how to improve your credit:
- Redbud Financial Alternatives – Kentucky based nonprofit that offers one-on-one assistance to create a financial action plan that helps clients reach their financial goals. Additionally, they offer debt consolidation loans and other options.
- Take Charge America – Nonprofit that offers a free credit review to help you understand your credit and how to improve it. This service is free.
- Apprisen – Nonprofit that offers a free automated financial analysis and action plan. This service is free.
Q. How do I write a business plan?
There are classes offered by various service providers to help you get your thoughts on paper and work out the details of your business idea into a plan. If you prefer to do the work on your own, templates and courses for business plans are available online.
Template: Initiate is a free online platform provided by the Mountain Association that provides a simple business plan template (you will be required to make a free account first).
Classes: Kentucky Small Business Development Center; Kentucky Women’s Business Center; SOAR Innovation
Other Templates or Information: Centro Business Planning App; Kauffman FastTrac; Small Business Administration (SBA) Business Plan Outline; SCORE Business Plan Templates
Q. Where can I get help with year-to-date financials?
A. If you’d like to work with a person, the Small Business Development Center or the Women’s Business Center can guide you in compiling your year-to-date financials. Note: The Women’s Business Center serves all gender identities.
Alternatively, if you’d like to compile this on your own, Initiate is a free online platform provided by the Mountain Association that provides a simple year-to-date financials profit and loss template (you will be required to make a free account first).
Q: How do I write financial projections?
Financial projections are what you anticipate your business’ finances to look like in the future. These may be requested for start-up businesses or if a business is looking to make big changes.
Template: Initiate is a free online platform provided by the Mountain Association that provides a financial projections template (you will be required to make a free account first).
In-person support: The Kentucky Small Business Development Center or the Women’s Business Center of Kentucky can assist you with projections.
Q: I have student loan debt. Where can I find information on forgiveness programs?
A. The federal government maintains a student aid website where you can find trustworthy information on student loan debt.
