5 Things to Know Before You Apply for a Business Loan in Eastern Washington

Your Checklist for a Successful Business Loan Application in Spokane Valley

Applying for a business loan can feel overwhelming, especially for a first-time borrower or a business owner looking to expand. To help you prepare, we've put together a list of five key things every business owner in Eastern Washington should know before they walk into a bank.

1. Your Credit Score is Just the Beginning (and Your Relationship is Everything). While your credit score is important, it's not the only factor. For community banks like ours, your character and a history of good financial decisions matter, too. We're interested in the story behind your business, not just the numbers. 

2. Prepare Your Story, Not Just Your Documents. Lenders will need to see your financial statements, tax returns, and a solid business plan. But just as important is the story you tell with them. Be prepared to discuss:

  • Why you need the loan: What will this loan help you achieve?

  • How you'll use the funds: Is it for new equipment, commercial real estate, or a line of credit for working capital?

  • How you'll repay it: Show us a clear and realistic plan for repayment based on your business's cash flow.

3. Your Collateral is a Key Piece of the Puzzle. Securing your loan with collateral—such as real estate or equipment—can significantly improve your chances of approval and lead to better terms. It shows the lender you are invested in the success of the loan and your business. Be prepared to provide up-to-date and realistic valuations of any assets you plan to use as security.

4. Don’t Go It Alone – Seek Out a Partner. You don’t have to navigate the lending process alone. Working with a local, experienced lender can be your greatest asset. At State Bank Northwest, our lenders are experts in commercial, ag, and construction loans. We can help you understand your options and prepare a strong application that highlights your business's unique strengths.

5. Think Beyond the Loan: Consider Your Full Financial Picture. A business loan is often just one part of your financial strategy. Our goal is to be your full-service banking partner. By managing all your business accounts—checking, savings, and loans—in one place, you can simplify your finances, streamline communication, and build an even stronger, more valuable relationship with your bank.

Don’t just get a loan, build a relationship. If you're a business owner in Eastern Washington looking for a true banking partner for your next loan, come see us. We’re ready to learn about your business and help you achieve your goals.