Business Loan Application Checklist: Required Documents & Information

Applying for a business loan requires extensive documentation. Being prepared with all required documents before you apply dramatically speeds up the process and improves your approval chances. This comprehensive checklist ensures you have everything lenders need.

Why Preparation Matters

Incomplete applications are the #1 cause of delays and denials. Lenders review hundreds of applications monthly—organized, complete applications get prioritized and approved faster.

Benefits of Being Prepared:

Faster approval: 2-3x faster than incomplete applications
Higher approval rate: Shows you're organized and serious
Better terms: Strong documentation can improve rates and amounts
Less stress: No scrambling for documents last minute
Professional impression: Demonstrates business competency

Universal Documents (Required for All Loans)

Business Tax Returns

What: Complete business tax returns including all schedules
How many: Last 2-3 years
Format: PDF copies of filed returns (IRS-stamped or e-filed confirmation)
Why: Verifies business income and financial history

Note: If you haven't filed taxes yet (new business), provide interim financial statements prepared by a CPA.

Personal Tax Returns

What: Complete personal tax returns (Form 1040) including all schedules
Who: All owners with 20%+ ownership
How many: Last 2-3 years
Format: PDF copies of filed returns
Why: Lenders assess personal income and creditworthiness

Business Bank Statements

What: All pages of business checking account statements
How many: Last 3-6 months (consecutive)
Format: Official bank statements (not screenshots)
Why: Shows cash flow, deposits, and financial management

Pro Tip: Clean up your bank statements before applying. Avoid overdrafts, NSF fees, and excessive transfers 3-6 months before applying.

Personal Bank Statements

What: Personal checking/savings statements
Who: All owners with 20%+ ownership
How many: Last 3-6 months
Why: Verifies down payment funds and personal financial stability

Profit & Loss Statement (P&L)

What: Year-to-date income and expenses
Format: Can be from QuickBooks, Xero, or CPA-prepared
Current as of: Within 60-90 days
Why: Shows current business performance

Balance Sheet

What: Assets, liabilities, and equity
Current as of: Same date as P&L
Format: From accounting software or CPA
Why: Shows business financial position and net worth

Business Debt Schedule

What: List of all current business debts
Include: Creditor name, original amount, current balance, monthly payment, maturity date
Format: Spreadsheet or template provided by lender
Why: Calculates debt-to-income ratio

Personal Financial Statement

What: Your personal assets, liabilities, income, and expenses
Who: All owners with 20%+ ownership
Format: SBA Form 413 or lender's form
Why: Personal guarantee assessment

Business Formation Documents

LLC: Articles of Organization, Operating Agreement
Corporation: Articles of Incorporation, Corporate Bylaws, Stock Certificates
Partnership: Partnership Agreement
Why: Verifies legal business structure

Business Licenses & Permits

What: All required licenses for your industry and location
Examples: Business license, professional licenses, health permits
Why: Confirms you're operating legally

Government-Issued Photo ID

What: Driver's license, passport, or state ID
Who: All owners with 20%+ ownership
Why: Identity verification

Loan Type-Specific Documents

SBA Loans (Additional Requirements)

SBA Form 1919 (Borrower Information Form)

Completed and signed by all owners 20%+
Available from lender or SBA.gov

SBA Form 413 (Personal Financial Statement)

For all owners 20%+ and any guarantors
Must be current (within 90 days)

Business Plan

Executive summary
Company description
Market analysis
Organization and management
Products/services description
Marketing and sales strategy
Financial projections (3-5 years)
Funding request and use of proceeds

Resume/Business Experience

For all owners 20%+ and key management
Emphasis on industry experience

Business Lease Agreement

Current commercial lease
Or ownership documentation if you own the property

Legal Documents

Franchise agreement (if franchise)
Buy-sell agreement (if acquiring business)
Contracts with major customers/vendors

Equipment Financing (Additional Requirements)

Equipment Quote or Invoice

From vendor on company letterhead
Detailed description of equipment
Model numbers and specifications
Purchase price breakdown
Valid for 30-60 days

Equipment Specifications

Manufacturer specifications
Photos (if used equipment)
Age and condition report (used equipment)

Proof of Insurance Quote

Insurance quote for the equipment
Showing lender as loss payee

Commercial Real Estate Loans (Additional Requirements)

Purchase Agreement

Signed purchase and sale agreement
Including all addendums and amendments

Property Information

Property address and legal description
Current property tax bill
Property insurance quote
Existing title policy (if available)

Appraisal (Lender Will Order)

Lender orders independent appraisal
You pay fee ($2,000-$10,000+)

Environmental Report (Lender Will Order)

Phase I environmental assessment
Required for all commercial properties
You pay fee ($1,500-$5,000)

Rent Roll (If Property Has Tenants)

List of all tenants
Lease terms and monthly rent
Security deposits
Lease expiration dates

Operating Statements (If Income Property)

Last 2-3 years of property income/expenses
From current owner

Business Acquisition Loans (Additional Requirements)

Purchase Agreement

Asset purchase agreement or stock purchase agreement
Terms of sale
What's included/excluded

Seller's Financial Information

Last 3 years tax returns of business being acquired
Last 3 years P&L and balance sheets
Current year-to-date financials
List of equipment and assets included

Valuation/Business Appraisal

Professional business valuation (if available)
Justification for purchase price

Startup Loans (Additional Requirements)

Detailed Business Plan

More comprehensive than established businesses
Detailed financial projections
Market research and competitive analysis
Clear path to profitability

Industry Experience Documentation

Resume emphasizing relevant experience
Certifications or licenses
Letters of recommendation

Personal Investment Documentation

Proof of personal funds invested
Bank statements showing source of funds

Contracts or Letters of Intent

From potential customers (if applicable)
Pre-orders or commitments

Optional Documents (Strengthen Application)

Accounts Receivable Aging Report

Shows outstanding invoices and payment timing
Demonstrates healthy cash flow

Accounts Payable Aging Report

Shows your payment history to vendors
Proves you pay on time

Business Credit Report

From Dun & Bradstreet, Experian, or Equifax
Shows your PAYDEX score and payment history
Demonstrates creditworthiness

Customer Contracts

Long-term contracts with key customers
Shows stable, predictable revenue

Business Insurance Policies

General liability insurance
Property insurance
Professional liability (if applicable)
Shows you protect business assets

Letters of Recommendation

From CPAs, attorneys, or business advisors
From major customers or vendors
Character references for startups

Awards or Recognition

Industry awards
Media mentions or press coverage
Certifications (MBE, WBE, veteran-owned, etc.)

Document Preparation Tips

Organization

Create a folder system: Organize documents by category
Label everything clearly: "2023_Business_Tax_Return.pdf"
Use a checklist: Track what you have and what's missing
Create one master PDF: Or use organized folder structure

Quality

High-resolution scans: Readable, not blurry
Complete documents: All pages, no missing information
Official documents: Not handwritten notes or estimates
Current information: Within required timeframes

Accuracy

Double-check all numbers: Consistency across documents
Explain discrepancies: If bank statements don't match tax returns, explain why
Be honest: Don't hide problems or exaggerate
Professional presentation: Clean, organized, complete

Document Checklist by Loan Type

Working Capital Loan Checklist

☐ Business tax returns (2-3 years)
☐ Personal tax returns (2-3 years)
☐ Business bank statements (3-6 months)
☐ Personal bank statements (3-6 months)
☐ Current P&L statement
☐ Current balance sheet
☐ Business debt schedule
☐ Personal financial statement
☐ Business formation documents
☐ Business license
☐ Photo ID

Equipment Loan Checklist

☐ All Working Capital documents above, PLUS:
☐ Equipment quote or invoice
☐ Equipment specifications
☐ Proof of insurance quote
☐ Vendor information

SBA Loan Checklist

☐ All Working Capital documents above, PLUS:
☐ SBA Form 1919
☐ SBA Form 413
☐ Comprehensive business plan
☐ Resume for all owners 20%+
☐ Commercial lease agreement
☐ Franchise agreement (if applicable)
☐ Business insurance policies

Commercial Real Estate Loan Checklist

☐ All Working Capital documents above, PLUS:
☐ Purchase agreement
☐ Property information and tax bill
☐ Property insurance quote
☐ Rent roll (if applicable)
☐ Property operating statements (if income property)
☐ Down payment source documentation

Common Documentation Mistakes

❌ Incomplete Bank Statements

Missing pages or non-consecutive months delay approval. Provide ALL pages, ALL accounts, consecutive months.

❌ Outdated Financials

P&L and balance sheet older than 90 days are rejected. Prepare current financials before applying.

❌ Inconsistent Information

Revenue on tax return doesn't match bank deposits? Address inconsistencies proactively with explanations.

❌ Poor Quality Scans

Blurry, sideways, or incomplete scans frustrate underwriters. Use a scanner or quality scan app, not phone camera.

❌ Missing Signatures

Unsigned forms or tax returns must be corrected and resubmitted. Check every document for required signatures.

❌ Mixing Business and Personal Finances

Personal expenses on business statements raise red flags. Keep finances separate for at least 6 months before applying.

Timeline for Gathering Documents

4 Weeks Before Application

Request tax returns from CPA or IRS
Update P&L and balance sheet
Begin organizing formation documents
Pull personal financial statements

3 Weeks Before Application

Download bank statements
Create debt schedule
Gather licenses and permits
Prepare equipment quotes (if needed)

2 Weeks Before Application

Scan and organize all documents
Review for completeness and accuracy
Create explanations for any discrepancies
Get professional photos of documents if needed

1 Week Before Application

Final review of all documents
Ensure all dates are current
Check all signatures present
Create backup copies
Organize in lender-ready format

Digital Organization Tools

Recommended Tools:

Google Drive or Dropbox: Cloud storage with folder organization
Adobe Scan: Free mobile scanning app
QuickBooks or Xero: Accounting software for financials
DocuSign: For digital signatures
Password Manager: Securely store login credentials

Folder Structure Example:

Business_Loan_Application/

├── Tax_Returns/

├── 2023_Business_Return.pdf

├── 2023_Personal_Return.pdf

├── Bank_Statements/

├── Business_Oct2024.pdf

├── Business_Nov2024.pdf

├── Financials/

├── PL_2024_YTD.pdf

├── Balance_Sheet_2024.pdf

├── Formation_Documents/

├── Personal_Financial_Statements/

└── Miscellaneous/

Final Pre-Submission Checklist

Before Hitting Submit:

☐ All required documents included
☐ All documents are current (within required timeframes)
☐ All pages of every document included
☐ All signatures present where required
☐ High-quality, readable scans
☐ Documents properly labeled/named
☐ Numbers consistent across documents
☐ Explanations provided for discrepancies
☐ Contact information correct on all forms
☐ Backup copies saved

After Submission

What to Expect:

Acknowledgment: Lender confirms receipt (1-2 days)
Initial review: Underwriter reviews application (3-7 days)
Additional requests: Be ready to provide more documents quickly
Response time: Respond to requests within 24 hours
Follow up: Check status every 3-5 days

Common Additional Requests:

Letters of explanation for credit issues
Updated bank statements (if review takes weeks)
Additional financial details or breakdowns
Proof of down payment source
Business plan revisions or clarifications

The Bottom Line

Thorough preparation is the key to fast approval and best terms. Spending a few hours organizing documents before applying can save weeks of back-and-forth and significantly improve your chances of approval.

Success Formula:

✅ Start gathering documents 4 weeks before applying
✅ Organize everything clearly and professionally
✅ Double-check for completeness and accuracy
✅ Provide explanations for any discrepancies
✅ Respond to lender requests within 24 hours

Remember: Complete, organized documentation shows lenders you're a serious, professional borrower worthy of their best terms.

Get Expert Application Help

Preparing a loan application can be overwhelming, especially for first-time borrowers. Working with experienced lending specialists can help ensure your application is complete, accurate, and compelling.

Connect with lending specialists who can review your documentation, identify what's missing, and guide you through the application process. They'll help you put together the strongest possible application to maximize your approval chances and get the best terms available. Our service is free and takes the stress out of the application process.

Ready to apply but need help? We'll match you with specialists who will review your documents and guide you through every step of the application process.