Complete guide to all documents and information you'll need to speed up your business loan application process
Preparing a complete loan application package is crucial for getting approved quickly. Lenders need comprehensive information to assess your business's creditworthiness and ability to repay the loan.
Use this checklist to organize all required documents before submitting your application. Having everything ready upfront can significantly speed up the approval process.
Business License(s)
Current business licenses for all locations and jurisdictions
Articles of Incorporation/Organization
Certificate of incorporation or LLC formation documents
Certificate of Good Standing
Current certificate from Secretary of State (if required by lender)
Operating Agreement or Bylaws
Current operating agreement (LLC) or corporate bylaws
Business Registration Documents
DBA (Doing Business As) filings, trade name registrations
Commercial Lease Agreement
Current lease or property ownership documents
Franchise Agreement (if applicable)
Current franchise agreement and disclosure documents
Business Tax Returns
Last 2-3 years of business tax returns (federal and state)
Profit & Loss Statements
Year-to-date and last 2-3 years of P&L statements
Balance Sheets
Current balance sheet and last 2-3 years (if available)
Cash Flow Statements
Current and historical cash flow statements
Accounts Receivable Aging Report
Current AR aging report (if applicable)
Accounts Payable Aging Report
Current AP aging report (if applicable)
Financial Projections
12-24 month financial projections and assumptions
Business Bank Statements
Last 3-6 months of business checking and savings account statements
Business Credit Card Statements
Last 3 months of business credit card statements
Investment Account Statements
Current statements for any business investment accounts
Loan Statements
Current statements for existing business loans and lines of credit
Personal Tax Returns
Last 2-3 years of personal tax returns (all owners with 20%+ ownership)
Personal Financial Statement
Current personal financial statement (lender's form or standard format)
Personal Bank Statements
Last 2-3 months of personal bank statements (if required)
Schedule of Real Estate Owned
List of all real estate owned with current values and mortgages
Business Plan
Comprehensive business plan including market analysis, competitive analysis, and growth strategy
Use of Funds Statement
Detailed explanation of how loan proceeds will be used
Management Resume(s)
Resumes of key management team members
Organizational Chart
Current organizational structure and key personnel
Business Insurance Policies
Current general liability, property, and other business insurance policies
Life Insurance Policies
Life insurance policies (if required for key person coverage)
Collateral Documentation
Property deeds, vehicle titles, equipment invoices, or other collateral documentation
Appraisals
Recent appraisals for real estate or equipment being used as collateral
Credit Authorization Forms
Signed authorization for lender to pull business and personal credit reports
Debt Schedule
Complete list of all business debts, including creditors, balances, and payment terms
Customer Contracts
Major customer contracts or purchase orders (if applicable)
Vendor Contracts
Key vendor or supplier agreements (if applicable)
Equipment List
Detailed list of business equipment with values (if using as collateral)
Payroll Records
Recent payroll reports or summaries (if applicable)
Organize documents in advance. Gather all required documents before starting your application to avoid delays.
Ensure all documents are current. Most lenders require documents dated within 30-90 days of application.
Review financial statements for accuracy. Ensure all numbers are correct and consistent across documents.
Be prepared to explain any red flags. If you have past credit issues or gaps in financials, prepare explanations in advance.
Contact your lender early. Ask about specific requirements before submitting to ensure you have everything needed.
Note: Requirements may vary by lender and loan type. Some lenders may request additional documents or have specific formatting requirements. Always check with your lender for their complete list of required documents before submitting your application.
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