The answer to this question varies wildly depending on where you’re applying. If you’re seeking a small business loan from a bank, plan on a mountain of documents and paperwork for your application. In fact, the average bank loan application takes nearly 30 hours to complete.
If you apply for a loan with Lendio, however, that mountain of documents is reduced to a very small mound. For example, to complete your initial 15-minute application, you’ll need business account bank statements for the past few months. And rather than dig up those documents and upload them (which you’re totally welcome to do), you can simply link your bank account information if you like.
Other basic information needed for the application includes your approximate credit score, the amount of sales your company does on a monthly basis, the industry your business is in, company debt, and the reason for the loan. None of that information requires any documentation if you know your company well.
After your application is complete and you have a general idea of the kinds of loans and rates you qualify for, you’ll be paired with one of our personal funding managers. Once you start comparing small business loan options, your funding manager will let you know if the lender requests any additional documents to complete your loan.
In most cases, you won't need to submit anything else. Or if you do, it will be quick and painless - such as submitting an equipment estimate if you’re applying for an equipment loan.
Our goal is to help small business owners have all the tools and knowledge possible about loans. We’ve connected to hundreds of banks to keep you up to date with the best loan offers and options for your business!