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How to Start a Finance Company


How to Start a Finance Company document sample

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                                                                  Phone: (949) 388-8460
Industrial Finance Group, Inc                                     FAX: (949) 388-8462

       Start-up Company Finance Requirements
    Completed and signed Credit Application (also include any Partners)
    Copy of Machine Quote/s
    Copy of the last 2 years Personal Tax Returns (including Partners)
    Personal Financial Statement (we can provide the form and help you with this)
    Copy of your Resume (include any Partners)
    Down Payment Required – usually around 15-20%
    Proof of work – Do you have any customer letters of intent? Any P.O.’s?
    Business Plan – If you have one, we’d like a copy. If you don’t, we’d like to interview
    you on the phone and learn all about what you’re going to be doing, and we’ll write it for
    you. Basically, we need to know your credit background and experience in the
    machining industry, what type of work/industries you will be working in, and who some
    of your customers going to be/type of work? Do you already have any machinery, or
    buying other machinery now too? Will you be renting a building or what are you doing
    for shop space? Keeping your current job? Any projections for this year? Next year?

         Newer Company Finance Requirements
                    (for company’s under 2 years in business)

    Information from the Start-up checklist above
    Down Payment requirement will be approx. 5-15%
    A copy of the company Financials (Balance Sheet & Income Statement) and Tax Returns
    since inception
    List of current machinery that you have and who it was financed with

          Information needed for tougher credits
    Completed and Signed Credit Application
    Copy of Machinery Quote/s
    Copy of last 2 years Personal Tax Returns (incl. Sched. C if you’re a Sole Prop.)
    Personal Financial Statement (we can provide the form and help you with this)
    Copy of last 2 Corporate Tax Returns (if you’re a Corp., Partnership or LLC)
    Copy of last two Year-end Financial Statements (Balance Sheet and Income
    Statement/Profit & Loss)
    Copy of most recent Interim Financial Statement for this year
    Copy of the last 3 business bank statements (Cover page only showing balances)
    It would also be helpful to get a little write-up from you explaining your credit

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