Small Business Loans Application
At this stage, you will need to fill out detailed information about you, your business, your business’s finances, and what you’re looking for in a loan. The information at this stage is normally unverified, though of course, you should still be as accurate as possible.
At the end of this process, you will be presented with a final offer. In some cases, this offer may be different from the quote you received during the pre-qualification stage, so it’s important to go over all the information to ensure the offer is something you want. As always, before signing a contract, read the fine print.
Documents Lenders Require
Documents Lenders Require
To get an idea about your business’s financial health and ability to repay debts, the lender will ask to look at certain financial documents.
Lenders don’t all ask for the same documents—some will only ask to see a few documents, others will ask to see everything on the following list and more. As annoying as it can be to track down all this information, be aware that the more information you have to submit, the lower your interest rates and fees will be. Lenders that require very few documents tend to have very high fees.
Your lender might ask for documents like these:
- Proof of identity
- Recent business bank statements
- Recent business credit card statements
- Business tax return
- Personal tax return
- Profit and loss statement
- Balance sheet
- Debt schedule
- A/R Aging Report
The faster you can hand over the documents requested by your lender, the faster the application process will go, and the faster you’ll be able to access your borrowed funds.