Business owners and entrepreneurs can use a new online tool to determine if their planned project, expansion, or purchase is bankable. The Capital Readiness Checklist is a confidential application that doesn’t want to know your name, email address, or any other personal information. Its purpose is to help users understand if they’re ready to apply for financing.
Created by the nonprofit lender LiftFund, the Capital Readiness Checklist offers education and readiness coaching. It does not decide if a business owner is qualified for a loan, and it is not legal, tax, or financial advice. It does not want sensitive and confidential information, such as mailing addresses, Social Security numbers, and bank account information. The tool is a confidential and interactive way for business owners to self-assess.
The tool asks questions about business revenue and stage. It asks how the books are kept and what business documents are available. All questions are multiple-choice rather than open-ended.
Upon completion of the 8 questions, the tool assigns a readiness score to four distinct areas:
- Financial tracking and documentation
- Cash flow and revenue stability
- Credit and debt readiness
- Business operations and structure
Each score is explained, enabling the user to start their own steps toward improvement. Or the user can request contact by a business advisor who can provide insights and support to strengthen the foundation of the business. Expert guidance can help prioritize key actions for growth and build solid financial and operational systems.
Access the Capital Readiness Checklist.
LiftFund believes everyone deserves a chance to pursue the American Dream. As a nonprofit Community Development Financial Institution (CDFI), LiftFund supports small business owners who don’t qualify for traditional funding with affordable loans and support services. It works alongside larger banks, government agencies, community leaders and partners to provide millions of dollars in micro and small business loans to hard-working entrepreneurs.