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Necessary Components of a Winning Loan Application

Necessary Components of a Winning Loan Application

According to Therese DeGroot, market president for Community First Financial Resources in Lake Forest, Calif., no matter what you need financing for, a well-prepared loan package should include the following:

· Purpose of the loan

· History of the organization

· Mission and vision of the organization

· Budget

· Capital campaign information

· Current and three-year historical financial statements

· Membership/attendance/enrollment figures

· Overview of ministry and outreach programs

· Background on pastoral staff

· Brochures, CD, DVD on programs, services, etc.

“The better the quality of your information, the more successful you will be,” DeGroot says. “Tools that allow you to articulate specific information to those requesting it will ultimately benefit the organization in terms of maximum loan amount, maximum confidence and the best pricing available in the marketplace.”

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