Business loans help to meet the needs of small business owners. Whether it’s a large equipment purchase that will help you get the job done, an improvement to your store or the simple need for more cash, there may come a time when you’ll need a small business loan.
You may know you need a loan, but do you know everything you’ll need to acquire that loan? Luckily, most lenders require very similar information, and while there will most likely be different forms to fill out, you’ll only need to gather all of the information once. Below is a typical checklist of items you’ll likely need to apply for a small business loan. Bookmark it and check it off in your browser or print it out for easy tracking.
|Business Loan Application Checklist|
|Business information (Address, phone number, etc.)|
|Loan amount desired|
|Intended use of the loan|
|Summary of other debts|
|Loan history application|
|Personal background and credit report|
|Business credit report|
|Income tax returns|
|Personal financial statements for anyone with 20% stake or more in your business|
|Business financial statements (bank statements, income statements, cash flow, balance sheets, etc.)|
|Accounts receivable and payable|
|Franchise agreement (if applicable)|
|Articles of incorporation (if applicable)|
|Legal documents (copies of contracts you may have with third parties)|
The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does no constitute financial or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else.