A request starts with one cost and its due date. This page covers the first call, the items a funding partner may look at, a table of documents sorted by who in the business keeps them, the checks a partner may run and how an owner can look up the company's business credit file. Partners decide.
Step one: a call about the cost a Jerome, ID equipment wholesaler needs to fund
The first conversation is about one cost, not a loan type. A wholesaler that calls (208) 361-6008 about a stock order, a shop machine or payroll ahead of a large invoice will be asked a few plain questions, and the answers point to a funding type.
- What the money pays for, and who the seller or payee is
- The date the cost is due
- How the money is expected to come back: card sales, customer invoices or the earnings of a machine
- Payments the business already makes on loans, leases, lines or advances
- Years since the business began trading, and a sense of monthly deposits
Cobblegrove then places the request with a funding partner that offers the matching product. The partner, not Cobblegrove, reviews the file and decides.
Small business loan requirements: what a Jerome County, ID wholesaler gathers before a request
Each funding partner sets its own minimums, and they differ by product. A credit line, an equipment agreement and a working capital loan can each look at a different mix. Items a partner may review include:
- Time in business, which formation papers and tax returns can show
- Business bank statements showing what came in each month lately
- Personal credit for each owner, plus any business credit file on record
- Current debts and their payments
- What the money is for, with a quote or invoice when there is one
In Jerome County, ID, 108 employer establishments had five to nine employees in 2023 and 72 had 10 to 19 (CBP). A partner may ask a business with staff about payroll alongside its sales.
Documents for a small business loan, sorted by who in a Jerome, ID business keeps them
Gathering the file is simpler when each document has a clear keeper. This table sorts papers a partner may request by who in a small business may hold them.
| Document | Who may keep it | Why a partner may ask |
|---|---|---|
| Business bank statements, recent months | Owner or bookkeeper | Shows deposits and existing payments |
| Business tax returns | Tax preparer | Confirms income over full years |
| Year-to-date profit and loss | Bookkeeper | Shows the current year before a return is filed |
| Quote or invoice for the cost | Seller or supplier | Ties the money to a named purchase |
| List of current debts and payments | Owner | Shows what the business already owes each month |
| Formation papers and EIN notice | Owner or registered agent | Shows the legal name and the owners on record |
Checks a partner may run once a Jerome, ID wholesaler's file arrives
- Identity and business checks: the legal name, ownership and registration.
- A cash-flow review from bank statements: deposits, balances and existing payments.
- A credit check of the owners, which at this stage may be a hard inquiry.
- A look at collateral, such as the equipment being financed or stock on hand.
- Terms set and sent in writing: amount, rate or factor, term, payments and fees.
- Signing, then funding to the business or straight to the seller.
The partner and the product set the pace, and the order of these checks can differ from one partner to the next. A partner may come back with questions or a smaller amount than requested, and an offer is a proposal until the business signs.
Business credit reports: what a Jerome, ID equipment wholesaler can look up before asking
A business credit reporting agency may keep a file on a company, built from supplier payment records, public filings and lenders that report. A business may have a file it has never seen, and the owner can ask the agencies for the company's report.
- Search for the business by its legal name and address at the major business credit reporting agencies
- Check that the name, address and phone in the file match the business's records
- Ask key suppliers whether they report payments, since on-time supplier payments can build the file
- Pull the owners' personal credit reports too, since a partner may weigh them alongside the business file
By Cobblegrove Business Funding ยท Updated