How to Get a New Business Loan | Union Community Bank
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How to Get a Loan to Start a New Business

“The way to get started is to quit talking and start doing.” That was a quote by a former small business owner with big dreams – maybe you’ve heard of him – a guy by the name of the name of Walt Disney. Walt applied this philosophy to his risky animation studio and created an art form and a business empire. Take his advice and decide it’s time for you to stop talking and start turning your business dreams into reality by applying for a new business loan.

Our step-by-step process for getting a new business loan will help set you on the path to success. Want to see what kind of loan options are available for your business? Check out Union’s Business Loan options.

How to Get a New Business Loan

Get your financial matters in order

Have your personal finances in order before applying for a business loan. Review your personal credit score and pay off any debts if possible. If your personal finances are not in order it will become harder to qualify for a loan and will increase the likelihood of receiving an unfavorable interest rate.

Create your business plan

A clear business plan will inspire confidence and make it more likely that you’ll be approved for a loan. This document should project the next three to five years and outline how your company plans to achieve success. A business plan should include a(n):

How to get a new business loan

  • Executive Summary
  • Company Description
  • Market Analysis
  • Management Structure Description
  • Service or Product Line Details
  • Marketing & Sales Plan
  • Funding Request
  • Financial Projects

Set your loan goals – what specifically do you need to this loan for?

Don’t fall into the trap of knowing that you generally need money without making specific decisions about where that money would go. Are looking for a loan that will give you money to cover your regular expenses? Do you need capital to buy equipment or inventory? Do you need to purchase or lease real estate? By having your needs more specifically defined, it will help make the process clearer.

Consider the type of loan you want

The type of loan you will require depends on what your specific needs are. For example, if you need a loan that provides upfront cash for your unpaid invoices, you would require a different loan from one where you borrow and repay only as you need it. The experts at Union Community Bank will be able to help you determine what type of loan would best suit your business needs.

Ready to attain flexible, easy-to-access working capital? Open a Union Community Bank Business Line of Credit today.

Gather your documents

To provide you with the best possible advice, be sure to gather all pertinent documents when inquiring about a loan for your small business. These documents will help show lenders why you are an ideal candidate for a loan.

Document you need to gather include: 

  • Tax returns
  • Bank Statements
  • Financial Statements
  • Articles of incorporation
  • Commercial lease
  • Franchise agreement

The Union Main Street Business Banking Team is Ready to Help

At Union Community Bank, we work to understand your business. Our expert lenders will provide you with recommendations and a unique perspective. Speak with us today and find out how we can help your business grow.

If you’re ready for a business loan or business line of credit, we’re ready to help. Our competitive rates and loans are specifically designed with local businesses in mind. We’re a local bank so when local businesses succeed – we succeed. Contact us today to learn more about the line of credit options available to your business or visit one of our 14 convenient locations.

Peter Miklos
Peter Miklos
Chief Lending Officer 717.928.2315 NMLS #810113 View My Profile
Mike Farina
Mike Farina
Business Banker, Lancaster 717.928.2383 NMLS #615577 View My Profile
Bob Bradfield
Bob Bradfield
Business Banker, Lancaster 717.928.2348 NMLS #360954 View My Profile
Mike Maurer
Mike Maurer
Commercial Loan Officer, Lancaster 717.928.2312 NMLS #456883 View My Profile
Craig Portner
Craig Portner
Commercial Loan Officer, Lancaster 717.928.2319 NMLS #456888 View My Profile
Deb Dupler
Deb Dupler
Business Banker, Lancaster 717.492.2238 NMLS #456874 View My Profile
Jamie Muir
Jamie Muir
Commercial Loan Officer, Lancaster 717.572.9488 NMLS #1201507 View My Profile
Jeff Grove
Jeff Grove
Commercial Loan Officer, York 717.449.0860 NMLS #1254096 View My Profile
Chau Nguyen
Chau Nguyen
Commercial Loan Officer, Lancaster 717.519.9156 NMLS #1291841 View My Profile
Virginia Klingensmith
Virginia Klingensmith
Commercial Portfolio Manager 717.928.2313 NMLS #404960 View My Profile
Jeff Snyder
Jeff Snyder
Commercial Loan Manager, York 717.881.6959
Nathan Edmunds
Nate Edmunds
Commercial Loan Officer, Chester 267.565.9768 NMLS #1590306 View My Profile
Brady Barnes
Brady Barnes
Commercial Loan Officer, York 717-916-3313 View My Profile

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