Getting a business loan can be the difference maker when starting a new venture or even expanding upon an existing offering, and there’s significant funding available to qualify businesses. In fact, the Small Business Administration (SBA) approved over $31 billion through its 7(a) loan program in 2024 alone.

But this money doesn’t come without some work on your part, and most reputable business loans require documentation of your creditworthiness and ability to repay. Whether you’re trying for an SBA loan or another funding option, you’ll need to provide the proper paperwork to back up your case.

Why preparation matters in the loan process

Having your documents complete and organized can significantly speed up the approval process. Without them, you could experience an unnecessary delay or even decline (even if you’re otherwise well-qualified). For each piece of missing or unclear documentation, the lender needs to reach out at least once, and too many back-and-forths could leave your loan in limbo.

Worse yet, a messy or incomplete set of loan documentation may give the lender the wrong impression. It’s more likely that you’ll hand over incorrect calculations or outdated tax papers instead of what’s needed to prove your profitability and get the “yes” you really need.

There’s no one-size-fits-all application packet you can use to apply for multiple loans, but many of the required documents will be the same from lender to lender. Whether this is your first loan attempt or your third, this loan application checklist can help you save time and frustration in your funding journey.

The ultimate small business loan checklist

Even if you’re not looking to borrow money just yet, having these essential documents handy can reduce preparation work when the time comes.

Business information

  • Legal business name: The official, registered name of your company and any “doing business as” (DBA) names, if applicable. You can find this on your state or local business registration documents.
  • Business address and contact info: The physical location and primary contact details for your company, as listed on company records, utility bills, or vendor statements.
  • Business structure: Listed as Limited Liability Corporation (LLC), S-Corp, C-Corp, partnership, or sole proprietor in your incorporation documents or state registration filings.
  • Employer Identification Number (EIN): This IRS-assigned tax ID number can be found in your confirmation letter or online IRS account.
  • Business license and registrations: These are usually given by your local, state, or federal licensing authority, depending on your business type.

Loan request details

Consider how much and what kind of loan you’ll need before you apply. You’ll need to provide:

  • Loan amount requested: The specific dollar amount you wish to borrow, including any fees.
  • Intended use of funds: A brief explanation of how you’ll spend the money, including hiring, new equipment, or working capital.
  • Desired loan type: The type of funding you’re seeking (example: an SBA 7(a) loan, or other, like a line of credit, or short-term funding.

If you know your desired repayment terms, you can list them as well. (Refer to the lender’s term sheet, if available.)

Personal information

In addition to the company’s information, you’ll need to provide information for the owner or sole proprietor. This often includes:

  • Government-issued ID, such as a driver’s license or passport.
  • Social Security Number, to help in the credit check process.
  • Personal address and contact phone number.
  • Ownership percentage, which can be found in the operating agreement or company bylaws.
  • Personal finance statement, or a summary of your personal assets, liabilities, income, and expenses, is found within your personal finance software or bookkeeping tools.

Business financial statements

These essential financial statements show the bank how you’re doing and your prospects for the future. You can usually find them in your accounting software or request them from your accountant.

  • Profit & Loss Statement: Covering the last 1-2 years, this should show revenue, expenses, and net income over a period.
  • Balance sheet: This rundown of assets, liabilities, and equity is a snapshot of a certain date and
  • Cash Flow Statement: It reports the money flowing in and out of your business during a set time.
  • Year-to-date financials: The most current financial data for the ongoing year, plan to run this right before you apply.

Tax returns

Include both a set of your business and personal tax returns, which you can get from your accountant or tax preparer.

  • For business: Show the last 2 years, including any forms that show income, expenses, and liabilities.
  • For personal: Show at least a year for each of the major owners or partners.

Don't have tax returns for your business available? Read our guide to no-doc business loans for business loan options without tax returns!

Bank statements

Provide three to six months of bank statements for all accounts tied to your business. Small proprietors or very small businesses should have personal bank statements available, as well.

Business plan

Startups and those applying for SBA loans should be prepared with a business plan, which contains, at a minimum, the following sections:

  • Executive summary: This short overview states your business purpose, goals, and the plan for the loan request.
  • Business model and revenue strategy: Describe how your business makes money and uniquely serves customers.
  • Competitive analysis: This gives an overview of competitors with similar offerings and how you’ll compete against them in the marketplace.
  • Financial projections: A forecast of future revenue, costs, and profits, it’s usually created for the next three to five years and can be prepared with your accountant.
  • Use of funds breakdown: This detailed list shows how the loan money will be spent, dollar by dollar.

Debt schedule

Most businesses owe at least some money on credit cards or with previous loans. These documents demonstrate this, so lenders know what type of risk they will be taking. Include all current business debts, including current loans and credit lines, the lender names, balances, monthly or quarterly payment amounts, and due dates.

Additional documents (depending on loan type)

Different loans have varying requirements. Consider having this paperwork available just in case:

  • Accounts receivable aging reports: These detail unpaid customer invoices by date and can be found within your accounting software.
  • Commercial lease agreement: If you rent space, you’ll need to provide a signed lease from your landlord to establish your business’s right to operate at your location.
  • Equipment invoices or quotes: Requests for equipment financing require these, which you can get from your equipment seller or dealer.
  • Articles of incorporation or partnership agreements: These legal documents establish your company or partnership and show the ownership structure. Request them from your state filing authority or your business legal professional.

Special considerations for SBA Loan requirements

SBA loan amounts can be higher, so the application process is often more document-intensive. Be prepared to show a higher level of detail with thorough financial disclosures than what you may need for smaller loans through private lenders.

There’s no standard SBA checklist, since lenders administer the loans in their own way, but expect to provide standard information on certain SBA-specific forms, such as Form 1919 (Borrower Information Only) and Form 413 (Personal Financial Statement).

Personal and business credit scores can carry more weight than with other lending programs, so take the time to check your score before you apply and resolve any outstanding issues that could hold you back from an approval. Also, SBA loan requirements often include a business plan. You can read up on how to create one in our step-by-step business plan guide.

Tips to streamline the application process

Since you’ll be asked to provide your most updated copies of each document, it may be helpful to digitize (scan or download from each website) before applying. This way, you don’t have to rummage through paper stacks and can quickly send documents to the lender via their secure online processes. Also:

  • Store your documents in a secure cloud folder with two-factor authentication (2FA) so only you can access it.
  • Update your documents and financial calculations each month to keep them accurate and available.
  • Work with your accountant or CPA to validate numbers before sending to a lender.
  • Check your credit reports well in advance of applying, so you have time to dispute or fix any errors.

Set yourself up for success

A business loan opens the door for expansion and new opportunities, and – in some cases – it may be just what you need to stay afloat in uncertain times. No matter what you intend to use the money for, loan approval depends on not just what you ask for, but how well-prepared you are to ask for it. Referring to this checklist early and often can reduce the number of surprises that arise during the application process and can keep your loan request moving as quickly as possible through what can be weeks or even months of qualification.

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