Ijara Community Development Corp can help you structure Islamic finance in Chicago if you’re looking to start a business. Applying for a loan is as easy as following this link. We offer a wide selection of commercial loan packages for different properties like investment real estate, business expansion and acquisition, as well as owner occupied properties.
Sharia Compliant Business Transactions
We can help you make sure your business transactions are Sharia Compliant. What’s more, we can help you with some of the more traditional things you’ll need to do like putting together a business plan. Following are a few things that you’ll need to cover in one of these.
The Executive Summary
This part of your business plan corrals information and essential ideas from the other sections you will write. It’s a short summary of the vital material. The best method is called the problem and solution format.
It describes your target market and how your service or product helps them with their key issues.
The Company Description
There are three different elements here including the history of your enterprise, it’s objectives and a mission statement. Make sure that your objectives are clearly defined. And you have the right information. Follow the same format you did when you were gathering the documents up for an Islamic finance in Chicago application.
This application for our Ijara process includes a good faith estimate and the truth in lending statement. These standard government forms protect your interests.
Market Potential and Research
Even when you’re looking for Sharia Compliant product to fund your business, lenders will want to know about your customers and market size. Keep in mind here that any growth strategies you have should include some statistics pertaining to your market.
Don’t forget about your plans to attract new business and your tactics to expand your current client base. If you’re using referral or loyalty reward programs to retain customers, that information can go into this section.
As far as the process for our Ijara program, there are some required documents. For example, you’ll need to verify your employment with at least two years of W-2 forms and a full month of pay stubs.
If you are self-employed, you’ll need two years of tax returns.
That’s one of the things that our application process and your business plan will have in common, financials.
Your Business Financial Numbers
Even if you are starting out and you don’t have a lot of financial statements, you’ll still need to put together a financial plan that includes a budget. If your company has been running for a while you’ll need to include income statements and balance sheets. If you’re a startup, you can substitute in financial projections and cash flow statements.
A well prepared business plan compliments the Islamic finance in Chicago foundations tools we offer. Get in touch today to learn more.