Common Documents Required for a Business Loan

🔹 Business Identification & Legal Documents

• Business license or registration

• Articles of incorporation or organization

• Employer Identification Number (EIN)

• Ownership structure and list of stakeholders

 Financial Statements

• Recent business bank statements (typically last 3–6 months)

• Profit and loss statements

• Balance sheets

• Cash flow statements

• Tax returns (business and sometimes personal, for the past 1–2 years)

 Credit & Personal Information

• Personal credit report of the business owner(s)

• Business credit report

• Government-issued ID (e.g., driver’s license or passport)

• Social Security number (for credit check purposes)

 Operational & Planning Documents

• Business plan (especially for startups or new ventures)

• Loan purpose statement (how the funds will be used)

• Revenue projections (if applicable)

🔹 Collateral Documentation (if the loan is secured)

• Asset list (equipment, property, inventory)

• Appraisals or valuations (for pledged collateral)

 Tips for a Smooth Application

• Be transparent and organized—lenders assess your reliability based on how well-prepared your application is.

• Ensure all documents are up-to-date and consistent across financial records.

• If your business is new, emphasize your industry experience and provide detailed projections.

These requirements may vary slightly depending on the loan type (e.g., working capital, equipment financing, merchant cash advance) and the lender’s underwriting criteria.