Obtaining a small-business loan can be a lengthy and exhaustive process, but when your business is brand new, it can be even more of a challenge. Due to the unproven nature of your business, most lenders will look to your personal credit history and your work history in order to help them make a determination.
Today, it is not uncommon for banks to require the applicant to provide them with a copy of not only their business plan, but their personal resume, as well. Here are the steps to follow that may help you prepare a winning business loan resume so you can best position yourself for that all-important loan approval.
Craft the Resume’s statement toward obtaining the loan
Traditional resumes are written to help the applicant win a job position, but a resume that is being written for a business loan application has a different result in mind. Because of this, the statement/summary portion of the resume needs to convince the lender you are a driven leader who will lead his business to success. Provide a detailed summary about who you are, why you need the loan, and why you are worthy of approval.
Highlight your qualifications
In the section following your statement/summary, provide a list of your key qualifications and abilities. Use bullet points to highlight your quantitative skills, business education, and management capabilities.
Detail your work history
In the next section, provide a detailed account of your working history, including any volunteer work if it is related to your leadership skills. If you have substantial experience across a wide variety of industries, then include the most relevant information pertaining to your current business. Construct your work history in reverse chronological order, with your most recent work experience listed at the top. Include the job titles, the names of the company you worked for, where the jobs were located, the dates of hire, and a bullet-pointed list of your key contributions and accomplishments [projects results].
The final section of the business loan resume should feature details about your education. Include what schools you went to, what degrees you earned, and when you graduated.
By being thorough with your information and providing the lender with a well-crafted, professional-looking business plan and personal resume, you may be able to improve your chances of obtaining the small-business loan you are applying for.
In today’s lending landscape, small businesses need all the help they can get, and taking the time to do these things right will help remove a few of the obstacles standing in your way.
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