Securing a loan can be a pivotal step in launching, growing, or stabilizing your business, but knowing where to start can feel overwhelming. At Brattleboro Development Credit Corporation (BDCC), we’re here to help demystify the process and set you up for success. Whether you’re a first-time borrower or exploring new funding options, this guide answers the most frequently asked questions about loan readiness and your financing options. Use this resource to better understand your funding needs, prepare a strong application, and connect with the right support for your business goals.
Introduce yourself and your business with clarity and confidence. Share:
What your business does, its value, and goals
How much funding you need and how it will help
Your plan for generating steady income
Be prepared to discuss your business plan, experience, and any documents that demonstrate your business’s potential. Keep it clear and to the point.
Ask yourself the following questions:
Purpose: What will the loan be used for? How will it help your business grow?
Repayment: Can your cash flow support loan payments?
Terms: Do you understand interest rates, repayment schedules, and fees?
Collateral: What assets can you offer? This isn’t always required, but can help.
Impact: How will the loan affect your operations, both positively and in terms of repayment burden?
You’re ready when you have:
A clear business plan or letter of interest
Defined funding needs and uses
Financial statements and projections
A general repayment strategy and potential collateral
Not quite there? That’s okay! BDCC can support your business development through technical assistance and partner organizations.
Loan processing can take several weeks depending on:
Application completeness
Relationship history the banking institution or gap lender like the BDCC
Timing of Loan Committee meetings
Be transparent if timing is critical—lenders may be able to expedite the process for urgent, well-prepared requests.
That’s a smart mindset. Consider:
Consulting with BDCC, SCORE, SBDC, CWE, or SEVCA
Evaluating your business’s current financial health
Attending an Access to Capital event at BDCC
Exploring grants or local funding options
Avoiding predatory lenders—look local first
View our Helpful Links page for resources.
Term Loans: Fixed interest and repayment period
Lines of Credit: Flexible draw-and-repay structure
Microloans: Small-dollar loans for new or small businesses
Crowdfunding: Online fundraising from many small contributors
Grants: Non-repayable funding for specific projects
SBA Loans: Government-backed loans with specific requirements
CDFIs/Community Lenders: Local or nonprofit lenders like BDCC
Lenders typically review the Four C’s of Credit:
Cash Flow: Your ability to make payments
Collateral: Assets that secure the loan
Credit: Your borrowing and repayment history
Character: Your reliability, professionalism, and responsiveness
Local Banks and the BDCC may work with programs from SBA and USDA, which can have additional criteria.
Timeliness: Communicate promptly and consistently
Transparency: Share real challenges—honesty builds trust
Commitment: Demonstrate serious intent and follow-through
Planning: Allow ample time for processing; last-minute requests are harder to accommodate
Kiva is a nonprofit that connects borrowers to global microlenders. BDCC serves as a local partner, helping applicants:
Apply and assess project viability
Post the loan online for funding
Use and repay the loan responsibly
Kiva is especially helpful for small businesses in underserved areas. BDCC is a trustee for the program statewide. Contact us to learn more.
BDCC provides:
A dedicated Business Technical Assistance Provider (BTAP)
Entrepreneurial programs and training
Support through all business stages
Guidance on feasibility, financials, regulations, and operations
Make sure you’ve completed or gathered:
Loan Pre-Application & Application
Statement of Need
Business/Project Plan
Budget & Timeline
Resume
VT Secretary of State Registration
Proof of Business Bank Account
Personal Tax Returns (Last 2 Years)
Income Statements & Balance Sheets
W-9 & Certificate of Insurance
Credit Report (self-pulled is acceptable)
You may also be asked for:
Personal Finance Statement
Additional Business Info Questionnaire
Proof of ID
“No Credit Elsewhere” Form
Start preparing today!
Access this complete checklist and FAQs in one downloadable document.
Interested in learning more? We are excited to hear from you!
For more information or help with getting set up for success, please reach out to Dani Delaini.