The process of acquiring more funding for your business is already stressful before you even begin to consider the sheer amount of paperwork needed for a traditional business loan. It can be very difficult to keep track of which lenders want to see what documentation.
For that reason, you might want to consider using a comprehensive list to pull together all the possible documents you could need to apply for funding from any form of lender. That way, no matter what paperwork you need for your business loan, it will be on hand and clearly available.
Luckily, we’ve put that all together for you in this article.
1. Loan Application
Perhaps the most obvious piece of business loan paperwork is the loan application itself. The particulars of the application will vary by type of loan and financial institution, but you can expect most loan applications to act as a concise summary of who you are, what your business does, and what you plan to do with any money you receive from the lender.
Nowadays, many loan applications can be submitted online, but there are still some more old-school lenders (especially many regional and community banks) who may require a paper application. The processes will likely be roughly the same whether you’re doing it online or in print. But with an online loan application you can get a decision much more quickly.
2. Personal Information
As a business owner, your credentials for running a company are really important to your lending decision. Lenders will want to know about who you are and where you’re from. So you should expect to submit a statement of personal history, which asks for disclosure of any criminal or legal troubles in the past that you have personally faced. In addition to the history statement, you’ll need a valid drivers license or other ID card and some sort of proof of residency to properly establish your identity.
3. Business Plan