What to Bring to Your Small Business Loan Application
You are ready to launch your new business or need additional funds to grow your business. It’s time to go to the bank to apply for a loan. Here are the documents you need to have on hand to make the process smooth.
Personal Information
Applying for a small business loan using an SBA loan requires quite a bit of personal information. Bring a professional resume, your personal credit report with included scores, background statement and the past two year’s tax returns for loan applications Bordentown NJ. The lender wants to know what business experience you have which is provided by your resume. They want to see how you manage your money based on your credit report. The background statement lists personal information from any criminal record to prior addresses. This provides a snapshot of your life with verifiable information. They want to know you can afford the loan and base some of that on your tax returns.
Business Plan
Whether this is the first time you’re applying or not, the lender will want to see your business plan. The plan includes future financial projections, plans for growth, brand promise, qualitative goals and the services or goods you plan to provide. The more details you can include, the better you can show the lender that your business is a good investment.
Legal Documents
Your business has a variety of legal documents that the lender will want to see beyond your personal information. If the business has already filed taxes, bring those tax returns. The SBA has certain requirements for the use of the loans depending on the one you are applying for, so make sure you are meeting those requirements ahead of time. Bring along with you a debt schedule, balance sheets, profit & loss statements, necessary collateral and bank statements. Having these documents gathered and ready can make the loan process easier and faster.
