Just Formed an LLC? Your Startup Funding Checklist
If your LLC was formed last week and you haven’t booked your first sale, you can already start preparing for a funding review. Gather your company details, write down what the money would pay for, and understand how your personal credit may be reviewed. Some credit-based startup funding programs consider new businesses before they have revenue.
Check Startup Funding Fit
Gather your basic business details
Keep your exact legal business name, formation date, state of registration, business address, and ownership details handy. If you have an EIN, have your confirmation available for the application if requested. Use the same legal name across your records. If you plan to operate under a different name, have that information ready as well. The IRS explains how to get an EIN.
If you formed the LLC with a partner, agree on who will submit the application. Ask the provider which owners need to authorize a credit review or sign documents. The answer can depend on the program and ownership structure.
Know your approximate personal credit score
For the credit-based startup program described by Viera, a personal FICO score of 680 or above is the starting guideline. Payment history and other credit criteria also matter. If you checked a score recently, note which score you saw and when you checked it. Read the provider’s authorization to understand how and when credit will be reviewed. See Viera’s startup funding program guide.
Tell the provider what the money would do
Prepare two or three specific expenses and the amount for each. A mobile detailing owner might list equipment, initial supplies, and a booking website. A boutique owner might start with a supplier quote, point-of-sale equipment, and packaging. Note when each payment is due and when you expect the business to begin collecting money from customers.
Write down your current revenue as it stands today. If it’s zero, enter zero where the application asks for current revenue. Keep projected sales in your business plan or projections.
Confirm what the application requires
Ask which documents are required for the program you’re considering and where to submit them. A provider may request different materials for a new LLC than it requests from a business with operating history. Review the written terms for eligible purchases, fees, required payments, and any personal guarantee before you accept financing.
Start with the Viera quiz to see whether the startup program may fit. If your answers indicate a possible fit, continue to the application for provider review.
Check your startup funding fit
Answer a few questions about your business before continuing to the application.
Check Startup Funding FitEducational information only, not individualized financial, legal or tax advice. All examples are hypothetical. Viera is not the direct lender. Financing is subject to lender review and written terms.