For any small business, obtaining a loan can be the first stepping stone towards success. Whether that loan is used to get your business up and running or used to expand in order to meet rising demand, such financing can be an essential part of your business plan. Small businesses in the manufacturing industry can find it to be a little more difficult to land that small business loan, but as long as you follow all the key steps, you can make the best case for yourself and secure the funds in no time.

Who You Are

It’s not just about how your business looks on paper; lenders will want to know you on a more personal level. Your own credit history, credit score, tax returns, and any financial and bank statements will have to be submitted as part of your application. Lenders want the full picture, and that includes knowing the history of the person running the operation. In presenting your financial history, unfortunate situations such as divorce, bankruptcy, or identity theft should be talked about upfront and honestly, as transparency is essential. If you have such stains on your credit history, don’t worry. Address them, but also take the time to boost your other qualities as much as possible.

What Your Business Looks Like

Financial and bank statements specific to the business are key components to your application, as most lenders will not provide a loan to a business with a significantly poor cash flow or a history of mismanaging debt. It’s a risk to loan money, and if your business is in the red, it’s important that you specify exactly what a loan would do for you. Lenders will also want to know how the business is managed, what its staff looks like, and what the job descriptions and key responsibilities of each employee are in order to get the full scope.

What Your Plans Are

Have a plan for your loan, and be as detailed as possible. What do you envision for your business? Precisely how much money are you looking for? If you have plans that are set in writing, presenting those is a good idea, as it proves that you’re working towards the future. Show any plans you have mathematically, as well. For example, if you’re looking to hit a certain profit margin or cut expenses by a specific percentage, show exactly how this loan would help you do so. Being as particular as possible about your vision will increase the chance of your small manufacturing business getting a small business loan.