How a Term Loan Request Works in Evanston, WY: Purpose, Statements, Partner Offer

1. Settle the purpose and the amount: what the money buys or covers, what it costs, and the date it is needed.
2. Gather the papers listed in the next section, for the business and for its owners.
3. Use the phone line, (307) 381-3526, or the short request form; the purpose and the papers come up in conversation.
4. Meadowhollow Business Capital matches the purpose to funding partners with a product for it and hands the request on.
5. A partner reviews the file, can ask follow-up questions or for more papers, and may check credit during its own review.
6. Any partner offer spells out the amount, rate, term, fees and total cost in writing; the owner weighs it, and accepting is optional.

If a partner mentions an SBSS score during step five, that is the FICO Small Business Scoring Service score, a business credit score that runs from 0 to 300.

The steps are the same whichever of the six options the request ends up in; the funding options page sets them side by side.

• Business bank statements for the latest months, every page, so deposits and daily balances can be read
• The most recent business tax return, and the owner's personal return when business income passes through it
• A profit and loss statement for this year to date, set next to last year's full-year figures, with a current balance sheet
• An accounts receivable aging report that sorts open invoices into 30, 60 and 90 days and older
• A debt list naming each loan, lease, line or advance, with its holder, balance, monthly payment and end date
• For a purchase, the quote, bill of sale or purchase agreement; for a merchant cash advance, the card processing statements

A partner can ask for fewer of these on a small request or for more on a large one, such as an interim statement or the formation papers. Having the six items above in one folder before the first call keeps the review from stalling on a missing page.

A contractor whose two skid steers are both down for repairs still owes the crew every week, and the repair shop wants its bill paid before the machines come back. That stretch, crew pay plus a repair bill with no machine running, is what a working capital loan can carry. The request leans on the receivables: the aging report shows which progress payments are due and when, and the bank statements show how payroll has been met so far.

The repair bills and the payroll belong on the working capital request. Replacing a skid steer outright is a purchase, and it goes in an equipment financing request with the dealer quote instead.

A clinic adding a provider pays a salary from the first week, while the new provider's billings build up over the following months. A line of credit can carry that gap: the clinic draws for each payroll and pays the balance down as the claims are paid.

For this request the clinic can prepare a simple month-by-month projection of the new provider's salary and expected billings, the payroll schedule, recent bank statements and the debt list. The line of credit page shows draws and paydowns in a worked table.

For a shop, the line of credit file is mostly about how stock turns into cash. The POS sales report by month, an inventory count with what each item cost, the supplier invoices still open and the bank statements show a partner how soon a draw for stock would come back.

After the line is open, the same papers matter again at renewal, when a partner can review the line and adjust the limit. A shop that keeps its POS reports and inventory counts current has the renewal file ready before it is asked for.

Bonding-ready cash means keeping working capital on the balance sheet while bonded jobs are bid and started. A contractor applying for a working capital loan with that aim can add two papers to the standard list: a work-in-progress schedule showing each job's contract amount, billings to date and cost to finish, and a current balance sheet.

The rest of the request runs through the same six steps. Call (307) 381-3526 to talk through the amount; funding partners review the file and decide on any terms. The working capital page covers payroll gaps and retainage in more detail.