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Documents Needed for Business Loan

Documents needed for a business loan include: business bank statements (3–6 months), business formation documents (EIN, articles of incorporation/organization, operating agreement), personal ID (driver's license or passport), voided business check, business tax returns (1–2 years for larger loans), financial statements (P&L, balance sheet), and business license (if required).

  • 3–6 months of business bank statements are required for all loan types
  • Business formation documents (EIN, articles of incorporation) prove legal establishment
  • Tax returns (1–2 years) are required for loans of $100k+ or SBA loans
  • SBA loans require the most documentation including a business plan and personal financial statement
  • Gather documents 1–2 weeks before applying and convert all files to PDF

Required Documents (All Loans)

  1. Business Bank Statements: 3–6 months required, showing consistent revenue and cash flow. All pages needed. PDF format preferred.
  2. Business Formation Documents: EIN letter, articles of incorporation/organization, operating agreement or bylaws demonstrating legal establishment.
  3. Personal ID: Current driver's license or passport (front and back) matching application name.
  4. Voided Business Check: Used to verify account details and enable ACH payments, or bank letter with routing numbers.
  5. Business License: License or permit if required by industry or state.

Additional Documents (Larger Loans)

  1. Business Tax Returns: 1–2 years for loans $100k+ or SBA loans, demonstrating historical financial performance.
  2. Financial Statements: Year-to-date and prior year P&L and balance sheet; CPA-prepared for larger loans.
  3. Personal Tax Returns: 1–2 years for SBA loans or personal guarantees.
  4. Accounts Receivable Aging: Shows outstanding invoices and payment history.
  5. Business Plan: Explains loan use and growth plans; common for startups or large amounts.

Document Preparation Tips

  • Gather documents 1–2 weeks before applying.
  • Convert all documents to PDF format.
  • Include all bank statement pages.
  • Verify document dates match requested timeframes.
  • Double-check information accuracy against your application.

Loan-Specific Requirements

SBA Loans: Most comprehensive — require 2–3 years of business and personal tax returns, CPA-prepared financial statements, business plan, and personal financial statement.

Equipment Financing: May require equipment quotes and purchase agreements; less documentation than unsecured loans.

Invoice Financing: Requires accounts receivable aging, customer list, and invoice samples with less credit focus.

Frequently asked questions

What if I'm missing a document?
Contact your lender immediately; alternatives may exist and missing documents delay approval.
How recent do bank statements need to be?
Typically last 3–6 months with most recent within 30–60 days of application.
Do I need CPA-prepared financial statements?
Usually only for loans $250k+ or SBA loans; smaller loans accept internally prepared statements.
Can I use personal bank statements?
Most lenders prefer business statements to verify business revenue and financial separation.

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