Business Loan Application Checklist
Applying for small business loans can be a tedious process, especially if you aren’t prepared for what to expect. Here is the typical checklist required for any small business loan application:
- 1. Personal Information Basic personal information for all owners is typically required as part of the application.
- 2. Business Plan The business plan should include a complete set of projected financial statements, including profit and loss, cash flow and balance sheet.
- 3. Business Credit Report In the same manner that your personal credit score serves as a financial rating, your business credit report helps determine the creditworthiness of your business.
- 4. Income Tax Returns Allows lenders to see the income reported for the past year.
- 5. Financial Statements Many loan programs require owners with more than a 20 percent stake in your business to submit signed personal financial statements. You may also be required to provide projected financial statements either as part of, or separate from your business plan.
- 6. Accounts Receivable and Accounts Payable Most loan programs require details of a business’s most current financial position. Before you begin the loan application process, make sure you have accounts receivable and accounts payable.
- 7. Organizational Documents
Depending on the business loan requirements, your lender may need to submit a few other documents, including:
- Business licenses and registrations required for you to conduct business
- Articles of Incorporation
- Copies of contracts you have with any third parties
- Franchise agreements
- Commercial leases
Applying with Headway Capital is Easy
Headway Capital doesn’t require an extensive list of documents and paperwork like many other lenders do. Due to the open-ended access customers receive with our line of credit, Headway Capital is typically more flexible than most merchant cash advances and invoice factoring. A Headway Capital line of credit gives small business owners across the country what they need to grow and take control of their finances.
Items You’ll Need to Apply
To get started:
- Previous year’s annual gross revenue
- Business tax ID**
To complete the application:
- Online bank ID and password (electronic records) or three most recent months of business bank statements
To get funded:
- Business bank account information
**Business Tax ID not required for sole proprietorships.
Think you’re ready to apply? Start your application with Headway Capital now!
1We always do a soft inquiry unless your credit file is restricted, in which case we would ask you to contact the credit bureau to lift the restriction. Doing so may result in a hard pull.