A request to Driftshore Funding moves through four stages: describing the expense, narrowing the funding types, a partner's review and your decision on any offer. This page explains each stage for Muskogee County owners and adds the extra steps when the money buys an existing business.
Four stages of a Driftshore request
- Describe the expense. Call (918) 362-1864 or send the request form: contact details, time in business, an annual revenue range and the amount range.
- Narrow the six funding types. The conversation covers what the money pays for, when it comes back and which records you have.
- Partner review. Driftshore matches the request with funding partners that consider that kind of expense; a partner reads it and the records it asks for.
- Your decision. If the partner makes an offer, it arrives in writing from the partner. Total its cost, read the clauses, then accept or decline.
Driftshore Funding does not make the credit decision. The partner that reviews a request decides whether to offer, how much and on what terms.
Small business loan requirements around Muskogee, OK
Requirements differ by partner and product, so there is no single list. These are the records partners ask for across the six funding types; having them ready shortens the back-and-forth.
- Business bank statements for the last three to twelve months
- Tax returns for the business and for each owner
- A year-to-date profit and loss statement
- A schedule of debts, each with its monthly payment
- For equipment: the seller's quote; for a purchase: the purchase agreement
- Formation documents and any trade license the business holds
How to get a small business loan to buy an existing Muskogee, OK business
Buying an existing business with a small business loan starts with the seller's numbers. A partner funds part of the price when the business's past earnings show it can carry the new payment. The buyer supplies cash, credit history and a plan; the seller supplies records.
The term loan page has the acquisition checklist, and the buying a business guide covers valuation and seller notes.
How do I get a business loan to buy a business for a Muskogee County, OK business?
Ask the seller for three years of tax returns, profit and loss statements and a list of what the sale includes. Ask the landlord whether the lease can transfer. Then call with the price and the business type: the conversation is about whether the earnings support the price, and which records a partner will read.
- Seller's tax returns and statements
- Purchase agreement or letter of intent
- Lease and landlord consent
- Your personal financial statement
How do I get a business loan to buy an existing business as a Muskogee, OK owner?
Owners who already run one business and want to buy a second bring something a first-time buyer does not: their own track record. A partner reads both businesses' records, because the payment on the new loan may depend on the combined cash flow. Show how the two will be managed and who will run the second one day to day.
If the purchase adds a location for the same trade, show how purchasing, employees and equipment will be shared. That is where the case for the combined business sits.
How to get a business loan to buy an existing business: steps for Muskogee, OK owners
- Set the price and terms down in a letter of intent
- Collect the seller's records under a confidentiality agreement
- Check the lease, licenses and any equipment liens
- Decide how much cash you will put in and whether the seller will carry a note
- Send the request with the price and the amount range
- Give the partner the records it asks for and answer its questions
- Review the offer, then close with the seller
Working capital underwriting near Muskogee, OK
Underwriting is the partner's review of a request. For working capital it centers on deposits: how much comes in each month, how steady it is, and the number of days the balance runs low. The partner also checks existing debt payments, because a new payment has to fit beside them.
For the full picture of the product, see the working capital page and the comparison of all six funding types.
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