In order to apply for a loan you have to provide certain documents that all lenders will ask for.  These documents are required for lenders to gauge your financial health and determine whether or not you're a good risk.

Be prepared to provide these documents to your lender.

Business Plan: 

A business plan is a requirement for any small business bank loan. The business plan will include an executive summary, busienss description, local market & competitive landscape, product or service, the management team, profit & loss statements, projected financials, cash flow, etc.  Learn more about writing the business plans.

Bank Statements: 

Be prepared to submit up to a year’s bank statement.  This includes personal as well as business bank statements.

Personal background Check: 

Be prepared to submit a personal background check which includes educational background, criminal background check, etc.

Personal Financial statements:  Many banks reuiqre that owners with more than a 20% stake in the business to submit financial statements. 

Ownership and affiliations: 

Members on the management team will have to show what they own and affiliations they have with other organizations.

Loan application history: 

If you have a history of applying for loans in the past banksers want to know this.  They want to know if you’re seeking additional financing or if you’re a risk that other banks are not willing to take.

Legal Documents:

Articles of Incorporation, Business license, Contracts, Leases, etc. are all legal documents that must be provided to bankers for small business loans.

Income tax returns: 

Be prepared to submit personal and business income tax returns for 3-5 years.

Resumes: 

Bankers use Resumes to learn whether or not you have the management or business experience to make the business successful.

Collateral Documentation (Proof of ownership): 

Prepare documents that shows ownership and value of any item that will be used as collateral to secure the loan.