Present Your Business
This is your opportunity to shine!
During your Credit Committee meeting, you will have the opportunity to present your business plan to demonstrate your ideas, skills and commitment to make your small business a success. Plan on presenting for 5-10 minutes and then give the Credit Committee the opportunity to ask you questions.
Tips for creating a strong application
The Utah Microloan Fund wants to help you be successful with your loan, that’s why we’re here!! There are a few tips that we have in helping prepare a strong loan application.
Know how much you need to borrow.
We want to be sure that you have enough money to be successful in your business, but we don’t want you to go deeper in debt that necessary. We are often asked “How much of a loan do I qualify for?” but really, a better question is “How much of a loan do I need?”
Know exactly what the loan funds will be used for.
The Use of Funds section of the application should match the uses in your Cash Flow Projections and should be explained by the Notes to the Projection section in your Business Plan.
Your Business Plan needs to be in the UMLF Format.
The UMLF has provided an outline that your business plan needs to follow, please be sure to include all of the information that we have requested.
Resources to help with your application.
Twice a month the UMLF holds complimentary classes on creating and understanding cash flow, as well as how to write a business plan for a lender. You are welcome to attend any of the classes that are listed on our calendar. We do ask that you RSVP to secure a place in the class.
If you are unable to attend one of our classes, we have partnered with other groups that can help you. See our Partner Resources for contact information.
Review your Loan Application Materials before bringing them to us.
The application process will go faster and more efficiently if you’ve double checked your application for errors and if it’s submitted to the UMLF Loan Officer as a complete package. We are always happy to speak with you if you have questions!
Please, do not bind or staple your application materials together. The $50 application fee needs to be cash or check, it is the only money you are required to come out of pocket with.
Tips for the Perfect Pitch
Part of the Utah Microloan Loan Application process is that you get the opportunity to “Pitch” your business to our Credit Committee. Generally, you will present for 5-10 minutes, this is your time to shine!
- Share your business story.
We want to hear about why you are starting or started your company!
- Solve a problem.
Define the problem and why your business/services is the solution.
- Explain your business plan.
Share where you see your company going and what it’s going to take to get there. Who will you sell to? Where? What is your sales and marketing strategy?
- Sell your audience on the product.
Offer the audience a taste of your product or show them how it will be packaged. Your audience should be convinced they want what you have to offer.
- Make it personal.
Communicate why you’re passionate about your product, your audience will feel a stronger connection to you, your product, and your business.
- Be positive.
If you don’t believe what you’re pitching, no one else will either, be confident and positive! Share your vision, and tell us why it’s special.
- Plan to succeed.
You don’t want your plan to sound scripted, but you can’t wing it either. You must prepare to make sure you cover what a prospective customer or investor needs to know to want to do business with you.
- Personalize your delivery.
Know your audience! An investor will want more of the nuts and bolts about your business plan, while a new client probably wants to know how your product and service can benefit them.
Practice really does make perfect! Give your pitch to friends, family, and trusted business acquaintances. Request feedback! The more you give the pitch, the better you’ll be at it, the more natural it will sound, and the more effective it will be.
Close Your Loan!
After receiving notification that your loan has been approved, we try to close your loan within two weeks. In order to prepare for your loan closing, you will need to provide the following:
- Proof of Business Insurance listing the UMLF as “Loss Payee”
- Your personal guarantee, and the guarantee of any other key owners if there are any.
- Legal and Vesting Information on your primary residence, if offered as collateral.
- Documentation for any other type of collateral that was pledged for your loan.