Question – If I Am Applying For a Business Loan, What Type of Information Does the Bank Usually Ask For?
Our Response – When applying for a business loan there are a number of forms and documents to fill out for the bank. While the information required may vary by bank, here are a number of items that are typically required:
- Personal background and financial statements
- Business financial statements (income statement & balance sheet – if the business is already open)
- Last 3 years of business tax returns (If the business is already open)
- Projected financial statements (Banks typically want 3 year projections)
- Business certificate/license
- FEIN
- Personal income tax returns for last three years (For owners with 20% or more ownership of the business)
- Personal financial statements (For owners with 20% or more ownership of the business)
- Resumes of owners and key employees
- Business plan
- Building sales agreement or lease
