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If I Am Applying For a Business Loan, What Type of Information Does the Bank Usually Ask For?

If I Am Applying For a Business Loan, What Type of Information Does the Bank Usually Ask For?

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If I Am Applying For a Business Loan, What Type of Information Does the Bank Usually Ask For?

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

Author

  • Greg Bouhl

    With over two decades as an entrepreneur, educator, and business advisor, Greg Bouhl has worked with over 2,000 entrepreneurs to help them start and grow their businesses. Fed up with clients finding and acting on inaccurate and outdated information online, Greg launched StartUp101.com to be a trusted resource for people starting a business.

If I Am Applying For a Business Loan, What Type of Information Does the Bank Usually Ask For?

If I Am Applying For a Business Loan, What Type of Information Does the Bank Usually Ask For?

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