Providing your Use of Proceeds is necessary for lenders to understand how you plan to use the funds. It shows how the funds will be spent to grow the business. All funds from the loan must be used strictly and only for business-related purposes/functions.
This breakdown helps the lender see that the financing will be used for things like equipment, working capital, or other business needs.
You can submit this using our E-document form and upload the PDF.
This document should include:
2-3 sentences for each allocation: A brief explanation of how you will spend the funds.
Specify expenses: Include things like equipment, working capital, or other costs.
The amount for each allocation: The specific amount for each category.
This helps the funder understand your financial plan and ensures the loan will support your business growth.