To better understand loan terminology and the functionality of a lender, please review the following key terms.
Business Insurance Agent: This professional provides various types of insurance coverage to businesses. They help businesses identify the risks they face and recommend insurance policies to protect against those risks.
Business Attorney: A legal professional who specializes in business law. They assist businesses with legal matters such as contract negotiations, intellectual property, employment law, and more.
Business Plan: A written document that outlines a business’s goals, strategies, and action plans for achieving those goals. It typically includes a description of the business, market research, financial projections, and more.
Marketing Plan: A written document that outlines a business’s marketing strategies and tactics for reaching its target audience. It typically includes a description of the target market, marketing channels, advertising strategies, and more.
Job Creation: The process of creating new jobs within a business or industry. This can be achieved through expansion, innovation, or other means.
Operating Agreement: A legal document that outlines the ownership and management structure of a business. It typically includes information on how decisions are made, how profits and losses are shared, and more.
Personal Finance Statement: A document that outlines an individual’s financial position. It typically includes information on assets, liabilities, income, and expenses.
Personal Tax Return(s): A document that individuals are required to file with the government each year to report their income and pay any taxes owed.
Profit and Loss Statement: A financial statement that shows a business’s revenue, expenses, and net income over a specific period of time.
Balance Sheet: A financial statement that shows a business’s assets, liabilities, and equity at a specific point in time.
Pro Forma: A financial statement that shows projected financial results based on hypothetical scenarios.
Operating Budget: A detailed financial plan that outlines a business’s expected revenue and expenses over a specific period of time.
Bank Statements: A record of a business’s transactions and balances with a bank.
Business Tax Return(s): A document that businesses are required to file with the government each year to report their income and pay any taxes owed.
Existing Business Debt: Debt that a business currently owes to creditors or lenders. It can include loans, credit cards, lines of credit, and more.
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