Firleaf Lending Group, a small-business funding broker in Bowling Green, Kentucky, wrote this checklist for Warren County owners preparing a business loan request: define the purpose, gather records, confirm Kentucky and local standing, check credit, know your collateral and compare offers. Credit decisions and pricing stay with the lending partners.
Who this checklist is for
Owners of established Warren County businesses, from one-person trades to restaurants with full kitchens, who want to borrow for a defined purpose. Warren County had 3,076 employer establishments in 2023, 45.1 percent with fewer than five employees (U.S. Census Bureau, County Business Patterns 2023), and 12,938 businesses with no payroll in 2024 (U.S. Census Bureau, Nonemployer Statistics 2024). Small and owner-run firms are the norm, and that shapes what partners ask for.
Step 1: write down the purpose and the number
One sentence: what the money pays for, what it costs, and when the business will repay it. That sentence decides the option. A machine points to equipment financing; a fit-out to a term loan; repeating gaps to a credit line. The comparison page shows all six.
Step 2: gather the records
- Several recent months of the business account's statements
- Federal tax returns for the business, and often the owner
- A year-to-date profit and loss statement and balance sheet
- A list of current debts, leases and advances with payments
- Quotes, invoices or the lease behind the purchase
- Entity documents and your EIN
Partners vary. Short-term requests may need only statements; larger term loans usually need returns and financials. The documents post goes item by item.
Step 3: confirm the business's standing in Kentucky
Partners commonly check that the entity is active with the state and that its name, address and owners match the bank and tax records. The Kentucky annual report guide explains what to look at.
Locally, a business may be asked about city and county license or tax records. The occupational license records checklist covers Bowling Green, KY and Warren County.
Step 4: look at credit, the business's and your own
Most small-business partners look at the owner's personal credit as well as any business credit file. Pull your own reports first, check for errors, and be ready to explain late payments or collections. A recent spike in new credit can matter as much as old problems.
Step 5: list the assets that could secure the request
Equipment, inventory, receivables and sometimes real estate can secure a request. On top of collateral, a personal guarantee from the owner is often requested. Check for existing UCC filings against the business; an old blanket lien from a paid-off loan should be released before you apply.
Small business loans in Kentucky for startups
Owners of new businesses often search for startup loans. Partners generally want operating history, so a business without it will find fewer options. Free advising before applying can help shape a plan. Owners commonly search "kentucky sbdc at bowling green" for that; Firleaf has no affiliation with the SBDC.
SBA-backed loans are made by participating lenders under SBA program rules. Firleaf does not arrange them; the Warren County resources guide lists where to ask.
Mistakes that slow a Kentucky request
- Applying for a long-term project with a short-term product, or the reverse
- Bank statements that show the business and personal money mixed in one account
- A state entity record with an old address or a departed member still listed
- Forgetting an existing advance or equipment lease when listing debts
- Sending the same request to many funders at once, which can show up as several credit inquiries
Each of these is fixable before you apply, and each costs time if a partner finds it first.
Keeping the folder current
Partners want recent figures. Bank statements age quickly, and a profit and loss statement from last year says little about this quarter. If a request is likely in the coming months, update the folder each month: add the newest statement, refresh the debt list and note any large new contract or customer. When the time comes, the file is ready in a day rather than a week.
Step 6: line up the offers against each other
Compare offers by the total of all payments and the timing, not the monthly figure alone. Read the collateral, guarantee and prepayment sections. How it works shows how APR, interest rates and factor rates differ.
For local context on Warren County businesses, see the Bowling Green, KY page; for every other guide, the resources page.
By Firleaf Lending Group · Updated