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2.6 Loan Summary Analysis

Frank Murphy and Peter Perez of Green Lawn Landscaping are looking to secure a term loan in the amount of $70,000 from a local lender with whom both Frank and Peter have a long credit history. It is estimated that the duration of the term loan will be 4 years and they think that at an estimated interest rate of 7.25%, the monthly payment of $1,684 should be manageable for the business.

Since both Frank and Peter have excellent credit and a stellar payment history on their other personal loans with this local bank, it is anticipated that they should easily be able to obtain the loan at 7.25% or lower. In the event, that the interest is higher, and the monthly payment begins creeping towards the $2,000 range, both Frank and Peter will also be looking into the possibility of getting a longer term loan if the bank will allow it. They both want to keep the monthly payments low as they start out their new business.

Finally, in the event the bank is only able to approve them for part of the loan, both Frank and Peter will be able to contribute he difference from their own personal savings.

Quick Links:

  1. Go to the Corresponding Template section for this industry.
  2. Go to the Corresponding Questionnaire section for this industry.

Small Business Owner Resource Center


Articles on the Small Business Financing Sources, the Small Business Loan Basics, small business loans Checklist and SBA Loans are incredible sources of knowledge for the small business owner.



Credit Report and Credit Score Analysis, how to Read a Personal Credit Report and all about Business Credit cover the intricacies of credit and are required reading for everybody.



The Foundation Grant Directory is a free listing of sources for grants by state. Why not look if there is some free money out there for your business. Hey - you never know!



The Business Loan Application covers every item you will need in your loan package and tells you how to get approved for business loans.



Fire your loan broker and use our Free Business Loans Bank / Lender Directory to find every bank in the country lending to small businesses.



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