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.
Owner 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.
Documents
Business Bank Statements: You'll need to provide three to six recent business bank statements to demonstrate your business's financial health.
Tax Returns: This includes business tax returns, personal tax returns (especially for sole proprietors), and possibly other tax-related documents.
Balance Sheet: You'll need to produce a financial document that shows what your business owns (assets) and owes (liabilities). It helps lenders understand your business’s financial health.
Debt Schedule: Detailed breakdown of your business's current debts.
Profit & Loss Statement: A report that shows how much money your business has made and spent over a certain period.