Business Loan Application Tips

Overview

Being organized and prepared can increase your chances of securing a business loan. Before you submit the application, take the time to organize personal and financial documents, as well as prepare answers to commonly-asked questions.

Documents

  • Personal Information and Résumé
  • Business Plan
  • Personal and Business Credit Reports
  • Income Tax Returns (3 years)
  • Financial Statements
  • Bank Statements
  • List of Collateral
  • Legal Documents such as:
    • Business licenses and registrations
    • Articles of Incorporation
    • Copies of contracts you have with any third parties
    • Franchise agreements
    • Commercial leases

Questions a Lender Will Ask

  • Why are you applying for this loan?
  • How will the loan proceeds be used?
  • What assets need to be purchased? Who are your suppliers?
  • What other business debt do you have? Who are your creditors?
  • Who are the members of your management team?


Please take a moment to: