Key takeaways
- Every lender asks for bank statements, ID and basic business details.
- Bank and SBA loans add tax returns, financial statements and a debt schedule.
- Having everything ready is the easiest way to get funded faster.
For most business loans you need 3 to 6 months of business bank statements, a government ID, your business tax ID (EIN) and basic business information. Bank and SBA loans also need 2 to 3 years of business and personal tax returns, current financial statements and a schedule of your existing debts. Use this checklist to get everything together before you apply.
Documents almost every lender asks for
- Business bank statements for the last 3 to 6 months
- A driver’s license or other photo ID for each owner
- Your business tax ID (EIN)
- Business name, address, start date and ownership breakdown
- A voided business check or bank letter for funding
By loan type
| Loan type | What else to have ready |
|---|---|
| SBA loans | 2 to 3 years of business and personal tax returns, year-to-date P&L and balance sheet, debt schedule, personal financial statement (SBA Form 413), borrower information form (SBA Form 1919), business plan for startups |
| Term loans | Bank statements, possibly the latest tax return and a debt schedule for larger amounts |
| Lines of credit | Bank statements, financial statements for larger lines |
| Equipment financing | The equipment quote or invoice, bank statements |
| Invoice factoring | Accounts receivable aging report, sample invoices, customer list |
| Commercial real estate | Purchase contract, rent roll or lease, property details, tax returns |
Business documents
- Articles of incorporation or organization
- Operating agreement or bylaws
- Business licenses required for your industry
- Your commercial lease, if you rent space
Tips to avoid delays
- Download statements as PDFs straight from your bank. Screenshots are often rejected.
- Make sure the names on all documents match your legal business name.
- Explain large one-time deposits or withdrawals before the lender asks.
- File your most recent tax return so lenders can use your latest numbers.
Frequently asked questions
How many months of bank statements do lenders need?
Most online lenders ask for 3 to 6 months. Banks may ask for more along with tax returns.
Can I get a business loan without tax returns?
Yes, many online lenders and equipment lenders qualify you on bank statements. SBA and bank loans need tax returns.
What is a debt schedule?
A list of every business debt: lender, original amount, balance, payment and maturity date.
Ready when you are
Once you know which lender you are working with, you will know exactly which of these they need. Tell us about your business and we will match you with the vetted lender that fits. Get a Loan.