up
x
Loading
up

CORPORATE OFFICE

Level One Bank

32991 Hamilton Ct.
Farmington Hills, MI 48334
Phone: 248-737-0300

Details

MORTGAGE LOAN CENTER

Level One Bank

1328 S Main Street
Ann Arbor, MI 48104
Phone: 734-213-1515

Details
BANKING CENTERS

ANN ARBOR

Level One Bank

195 N. Maple Road
Ann Arbor, MI 48103
Phone: 734-794-5225

Details

ANN ARBOR

Level One Bank

125 W William St.
Ann Arbor, MI 48104
Phone: 734-761-1475

Details

ANN ARBOR

Level One Bank

3930 South State St
Ann Arbor, MI 48108
Phone: 734-418-9995

Details

BIRMINGHAM

Level One Bank

1712 West Maple Road
Birmingham, MI 48009
Phone: 248-723-4800

Details

BLOOMFIELD

Level One Bank

6450 Telegraph Road
Bloomfield Hills, MI 48301
Phone: 248-406-8905

Details

BLOOMFIELD

Level One Bank

37100 Woodward Avenue
Bloomfield Hills, MI 48304
Phone: 248-530-7401

Details

DETROIT

Level One Bank

1420 Washington Boulevard
Detroit, MI 48226
Phone: 313-309-9980

Details

FARMINGTON HILLS

Level One Bank

30095 Northwestern Highway
Farmington Hills, MI 48334
Phone: 248-865-1300

Details

FARMINGTON HILLS

Level One Bank

30201 Orchard Lake Road
Farmington Hills, MI 48334
Phone: 248-737-1110

Details

FERNDALE

Level One Bank

22635 Woodward Avenue
Ferndale, MI 48220
Phone: 248-414-6500

Details

Grand Rapids

Level One Bank

2355 Burton St. SE
Grand Rapids, MI 49506
Phone: 616-827-4400

Details

JACKSON

Level One Bank

611 N Wisner
Jackson, MI 49202
Phone: 517-917-0908

Details

NORTHVILLE

Level One Bank

20550 Haggerty Road
Northville, MI 48167
Phone: 248-380-6590

Details

NOVI

Level One Bank

44350 W. 12 Mile Road
Novi, MI 48377
Phone: 248-735-1000

Details

Rochester Hills

Level One Bank

1880 S. Rochester Road
Rochester Hills, MI 48307
Phone: 248-710-3700

Details

STERLING HEIGHTS

Level One Bank

43683 Schoenherr Road
Sterling Heights, MI 48313
Phone: 586-412-1800

Details

Select Account Type Below

 

Read Our Blog Articles

What do Banks Look for When Approving a Business Loan

Posted on: September 04, 2020

Suggestions from Banks in Michigan

Young man with laptopWhether your business was essential during the COVID-19 shutdowns or temporarily closed, you may need additional funding to fuel success or offset slower demand as the economy reopens. Business loans from Michigan banks may be available to purchase inventory or equipment or to jump-start working capital. Depending on the terms of your loan, you can use funds to rent space, hire staff, or buy supplies.

Lending teams at banks in Detroit, Ann Arbor, and Grand Rapids will evaluate the following aspects of your business during the approval process:

  1. Your Credit History. The loan officer will run your credit reports to assess how well you’ve repaid prior loans and see how much debt you currently carry. These two metrics give the lending team insight into your capacity to repay a loan.
  2. Your Business Cashflow. Cashflow shows a lender how much money your business generates to help pay back a loan. Your cash flow position is also an indicator of the health of your company. Part of the review process includes calculating your debt to income ratio. Although the target ratio may vary by situation, a favorable ratio will be 1.20x or higher, meaning you have $1.20 of income to cover each $1.00 of debt.
  3. The Collateral You Have to Secure the Loan. Even companies with a strong credit history and a healthy cash flow can run into unexpected situations like COVID-19 that create repayment challenges. Lending teams at banks in Michigan will review your business assets such as real estate, equipment, vehicles, inventory, or accounts receivable for collateral if you’re unable to repay your loan.
  4. Your Financial Documentation. Records such as tax returns, bank statements, loan agreements, and balance sheets are some of the sources commercial lenders need to evaluate points 2 and 3 above. Having an organized file of these documents as well as legal paperwork such as business licenses, franchise agreements, lease agreements, or patents will help the team during the loan approval process.
  5. Your Business Plan. Before giving you funds, your lender wants to be confident that you have a plan for success. A solid business plan explains your vision for your company and a set of strategies and tactics for achieving your financial goals. At a minimum, your outline should include the following details:
    • A description of your company
    • An explanation of the product or service you’re selling
    • An overview of your management team
    • An analysis of your industry including size, projected growth, and number of competitors
    • Your plan for your facility and operations
    • Your go-to-market tactics including promotions, marketing, and sales programs
    • A SWOT analysis that explains your company’s strengths, weaknesses, opportunities, and threats

Here’s a business plan template to help you get started.

Why Choose Level One Bank for Your Business Loan

Young man with laptopAs a top-rated community bank in Michigan, Level One Bank brings local knowledge and business acumen to our first meeting with you. You’ll benefit from:

  • our passionate commitment to helping Michigan’s economy grow
  • our personal, customized approach to crafting a financing plan that aligns with your business needs
  • a lending team with deep skillsets and an entrepreneurial spirit
  • local underwriting and local decision-making – no out-of-state lending committees who may not understand how business works in Michigan

Contact our team for more information about business loans or to set up a time to meet. We’re here to help you succeed.

“I'm all in favor of banks that play their part in community endeavors, private individuals looking for loans, people who want to start up a little business, and that's what banks are for.” — Ian Anderson

All loans are subject to credit approval.

Posted in: Your Money, Your Business

Search Blog

Need help?

Contact our team of financial professionals to learn more about our products and services.


24/7 Customer Support

Call or chat with a real person. Nights, weekends and most holidays.

Thank you for visiting https://www.levelonebank.com/Resources/Learning-Center/Blog
footer icon footer icon