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Documents You Need for a Business Loan Application

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Documents You Need for a Business Loan Application

While applying for a business loan may feel daunting, the process is much easier if you walk into the loan establishment fully prepared. Before you fill out that business loan application, gather all the documentation you’ll need to prove your business needs and deserves the money.

Income Tax Returns

Gather your tax returns—both personal and business—from the last two or three years. Lenders want to see that you’re an honest taxpayer.

Is your business too new to have any tax returns of its own? Partner with an accountant who will make a projection of what your business returns may look like in the coming year.

Bank Statements

Potential lenders want to see what the cash flow to and from your business looks like. Bank statements can project what your cash flow will look like in the future as well. A business that is actively earning revenue is more likely to get a loan than one that is stagnant or losing money.

Credit Report

Your credit score is a metric that shows how reliable a debtor you are. When applying for any loan, you’ll likely have to submit your credit score; the lender wants to see if you’re in the habit of paying off your debts on time. Have both personal and business credit reports handy when you apply.

Business Plan

A well-crafted business plan is the cornerstone of your loan application. It includes projected financial statements and plans for what you want to do with your business going forward. Take the time to write a sound business plan that details why your business is special, what it will do for your community, and how you’ll use the loan.

Loan Application

This will be a bit of paperwork from your bank or another lender. They’ll want to ask you some basic but specific questions: Who are you, and how can the lender contact you? How much capital do you want to borrow? Who else is on your management team? Go through the application form with a fine-tooth comb and watch out for fine print.

When filling out a business loan application, attention to detail is key. If you have all the documents you need to move forward, the process won’t seem so overwhelming. A loan could be the key to your small business’s success down the line, so don’t be too intimidated to apply for one.


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Meet Jannese

Jannese Torres is a award-winning Latina Money Expert, Educator, Speaker, Writer and Business Coach. She became an accidental entrepreneur after a job loss led her to create a successful Latin food blog, Delish D’Lites. Now, she helps her clients and listeners build successful online businesses that allow them to pursue financial independence and freedom.

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3 Responses

  1. My sister and I want to start a company together next spring, so we’re interested in knowing how to apply for a business loan. That’s why we’re glad you elaborated on having a business plan that details our projected financial statements, so we’ll get to work immediately. We appreciate your advice on what documents we’ll need for a business loan application.

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