Complete checklist of required documents to speed up your loan application and approval process.
Documents needed for a business loan include: (1) Business bank statements (3-6 months), (2) Business formation documents (EIN, articles of incorporation/organization, operating agreement), (3) Personal ID (driver's license or passport), (4) Voided business check, (5) Business tax returns (1-2 years for larger loans), (6) Financial statements (P&L, balance sheet), (7) Business license (if required). Some lenders may also request personal tax returns, accounts receivable aging, or business plan. Gather these before applying to avoid delays.
3-6 months of business bank statements showing consistent revenue and cash flow. Most lenders require all pages, even blank ones. PDF format preferred.
EIN letter (IRS), articles of incorporation or organization, operating agreement (LLC) or bylaws (corporation). Shows business is legally established.
Driver's license or passport (front and back). Must be current and match the name on the application.
Voided check from business checking account. Used to verify account details and set up ACH payments. Can also use bank letter with account/routing numbers.
Business license or permit (if required by your industry/state). Some businesses don't need licenses, but provide if you have one.
1-2 years of business tax returns (Form 1120, 1120S, or 1065). Required for loans $100k+ or SBA loans. Shows historical financial performance.
Profit & Loss (P&L) and Balance Sheet (year-to-date and prior year). May need CPA-prepared statements for larger loans. Learn how to prepare financial statements.
1-2 years of personal tax returns (Form 1040). Often required for SBA loans or when personal guarantee is involved. Shows personal financial stability.
AR aging report (if applicable). Shows outstanding invoices and payment history. Useful for invoice financing or factoring.
Business plan or use-of-funds statement. Explains how you'll use the loan and business growth plans. More common for startup loans or large amounts.
Most comprehensive requirements: business tax returns (2-3 years), personal tax returns (2-3 years), financial statements (CPA-prepared), business plan, personal financial statement, and more.
Learn about SBA loans →May require equipment quotes, purchase agreements, or invoices. Less documentation than unsecured loans since equipment serves as collateral.
Learn about equipment financing →Requires accounts receivable aging report, customer list, and invoice samples. Less focus on credit, more on receivables quality.
Learn about invoice financing →Contact your lender immediately. Some documents can be replaced with alternatives (e.g., bank letter instead of voided check). Missing documents delay approval, so gather everything before applying.
Typically last 3-6 months, with the most recent statement within 30-60 days. Some lenders require statements dated within 30 days of application.
Usually only for larger loans ($250k+) or SBA loans. Smaller loans typically accept internally prepared statements. Check with your lender.
For sole proprietorships, sometimes. But most lenders prefer business bank statements to verify business revenue and separate business/personal finances.
Complete preparation guide before applying.
Guide to creating P&L and balance sheet statements.
Assess your overall readiness before applying.
Step-by-step guide to the loan application process.
Gather your documents and apply now. Get a decision in 24-72 hours.
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