Borrow to Boom Onboarding 2025

Name

Basic Business Details

If you do not have one, put N/A.
Do you have a business bank account?(Required)
Do you have at least one year of business tax returns?(Required)
Do you have a business license?(Required)
Do you have an Employer Identification Number (EIN)?(Required)
Do you use accounting software or another system to manage your business finances?(Required)
Do you have a business plan or documented growth strategy?(Required)
Do you have a DUNs number?(Required)
Is your business registered with your county or state?
Do you have a current profit and loss (P&L) statement?(Required)
Do you have a balance sheet for your business?(Required)
Do you have a record of your monthly business income and expenses?(Required)
Do you have business insurance?(Required)
Are all your business licenses and permits up to date?(Required)
Do you use accounting software or another system to manage your business finances?

Personal Financial Readiness

Do you have a personal budget?(Required)
A personal budget is a plan that outlines your income and how you plan to spend or save it each month.
Do you track your personal expenses effectively?(Required)
Tracking expenses means writing down or using a tool to monitor how much money you’re spending and where it’s going.
How would you rate your personal credit?(Required)
Your credit score is a number that reflects how well you’ve managed credit and debt. It is used by lenders to assess risk.
Debt-to-Income Ratio: Do you have a manageable level of debt relative to your income?(Required)
This compares how much you owe each month to how much you earn. Lenders look for low debt-to-income ratios.
Savings & Emergency Fund: Do you have personal savings or an emergency fund?(Required)
Savings and emergency funds help cover unexpected expenses like car repairs or medical bills.
Separation of Personal & Business Finances: Do you keep you personal and business finances separate?(Required)
Keeping your business and personal finances separate is important for managing money and applying for funding.
Consistent Income Stability: Do you have consistent income stability?(Required)
Stable income means that you are regularly earning enough to cover your personal expenses.
Financial Goal Setting: Have you set financial goals for the future?(Required)
Financial goals help you make a plan for the future, like saving for a house, paying off debt, or building wealth.
Understanding of Credit Utilization: What is your approximate credit utilization?(Required)
Credit utilization is the percentage of your credit limit that you’re using. Lower utilization is better for your score.
Personal Tax Compliance: Do you keep up with your personal tax filings?(Required)
Filing your taxes on time and keeping records is important for staying in good standing and applying for funding.
Access to Additional Financial Resources(Required)
These are sources of financial support outside your business like personal credit, savings, or help from family.

Part 2: Business Financial Readiness

Business Structure & Compliance:(Required)
A legal business structure (like LLC or sole proprietorship) and compliance (like licenses, EIN, and business bank account) are required by most lenders.
Bookkeeping & Financial Record Keeping:(Required)
Bookkeeping is the process of tracking your business income and expenses. Good records help you understand your finances and apply for loans.
Understanding of Financial Statements(Required)
Financial statements include the income statement, balance sheet, and cash flow statement. They show your business’s financial performance.
Cash Flow Management(Required)
Cash flow is the money moving in and out of your business. Managing it helps you avoid running out of money.
Loan Readiness & Use of Capital(Required)
Being loan ready means you know how much you need, what it’s for, and how it will help your business grow.
Business Revenue Stability(Required)
Stable revenue means your business consistently earns money from sales or services.
Profitability & Cost Management(Required)
Profitability means you earn more than you spend. Managing costs helps your business stay financially healthy.
Client & Contract Stability(Required)
Recurring clients and signed contracts provide reliable income and stability.
Tax Compliance & Documentation(Required)
Filing business taxes on time and keeping clean records is critical to maintain good standing with the IRS and lenders.
Access to Business Credit & Additional Resources(Required)
Having access to business credit or other resources gives your business flexibility and options for growth.

Marketing Readiness

Clarity of Target Audience:(Required)
Knowing who your ideal customer is helps you market more effectively.
Brand Messaging(Required)
Strong messaging explains who you are, what you do, and why it matters.
Online Presence(Required)
Your website and social media help people find and trust your business.
Marketing Strategy
A plan for how you’ll promote your products or services and attract customers.
Lead Generation & Conversions(Required)
Your ability to attract and turn potential customers into paying clients.