Documents Required for Business Loans

When your business needs extra cash for inventory or supplies, time is of the essence. Waiting for a loan approval may cut into your profits. To ensure that your loan is approved as quickly as possible, be sure that you have all of the required documents beforehand. Doing so may get your loan approved in as little as 5-10 business days.

  1. Business Plan

    • If you have not yet done so, create a business plan. Not only will banks and lenders likely require that you have one, a business plan is your roadmap to success. It should include your goals, potential obstacles, financial forecast, key personnel details and business risks.

    Balance Sheet

    • A balance sheet includes your company's assets, liability and capital (assets minus liability).

    Profit and Loss Statement

    • Also known as an income statement, this includes your profits and losses for a specific period of time. It will include company expenses (such as advertising, insurance, etc), costs of goods sold, and sales.

    Cash Flow Statement

    • A cash flow statement details the monthly cash inflows and outflows, which can include when you expect to pay, or collect on, debts owed.

    Loan Repayment Plan

    • Your repayment plan should include how much you intend to borrow, what you intend to use it for and how you intend to repay it.

    Other Documents

    • Other documents you may need to include are projected cash flow sheets, business and personal tax returns, the collateral you intend to put up, leases, franchise agreements and resumes of management personnel.

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