Before you start your business financing application, here's what you'll need to have ready:
Basic business information
Legal business name: Provide the official name of your business as registered with the appropriate authorities.
Business type: Specify whether your business is a sole proprietorship, LLC, corporation, or another legal structure.
Industry: Indicate the industry or sector in which your business operates.
Contact information
Business address: Provide the physical location of your business, including street address, city, state, and ZIP code.
Phone number: Include a working phone number where you can be reached for any clarifications or updates.
Email address: Provide an active email address for communications related to your loan application.
Financial documents
Business bank statements: You'll need to provide three of your most recent business bank statements (four if you’re in California or New York) to demonstrate your business's financial health.
Tax returns: This may include business tax returns, personal tax returns (especially for sole proprietors), and possibly other tax-related documents.
Credit information
A soft credit pull may be performed to determine creditworthiness.