What Documents Do You Need for a Small Business Loan? A Handy Checklist

What Documents Do You Need for a Small Business Loan? A Handy Checklist

Applying for a small business loan can feel overwhelming—but knowing exactly which documents are required makes the process smoother and boosts your chances of approval.

According to the U.S. Chamber of Commerce, here are the core documents most lenders expect to see when evaluating a loan application . 

1. Credit Report

Lenders review your credit history—including any bankruptcies—to gauge your reliability. A credit score of 690 or higher is generally considered strong 

2. Income Statement

Your business’s income statement helps lenders assess profitability and whether you have a viable path to repay the loan .

3. Bank Statements

Recent statements show your income, spending habits, and balance trends—an essential window into your business’s financial health .

4. Budget

A well-organized budget demonstrates how you allocate and manage money—highlighting your capability to thoughtfully repay the loan .

5. Income Tax Returns

Provide both personal and business tax returns to verify your earnings and help lenders understand your debt-to-income ratio.

6. Business Plan

A clear, compelling business plan—including an executive summary—shows lenders you're organized, strategic, and ready to grow .

7. Collateral Documentation

If the loan requires collateral—like property, equipment, or inventory—you’ll need proof of ownership, appraisals, or invoices to support it . 

Why These Documents Matter

Lenders assess applicants using the 5 C’s of Credit:

• Character (your credit history and reputation)

• Capacity (your ability to repay, shown via financials)

• Capital (your own investment in the business)

• Collateral (assets that can secure the loan)

• Conditions (how you plan to use the funds and the broader economic environment) 

Preparing these documents in advance demonstrates that you're thorough, trustworthy, and business-ready.

Bonus Tip: Know Your Loan Type

If you're applying for SBA-backed loans, like the 7(a) or microloan programs, expect extra documentation—like personal financial statements, owner resumes, business licenses, and more detailed financial history .

Final Thoughts

Organizing these documents before applying saves time and shows lenders you're serious. Clear, complete applications often move more quickly and carry better odds of success.

Need help putting it all together—or want to personalize your financial documents before submitting? I’m happy to help you prepare.

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