A lot. The process of getting a small business loan from a bank is pretty demanding from the get-go. The specific documents needed for a bank loan application will vary drastically depending on the type of loan you apply for, but here are some of the key documents that banks typically ask for:
Personal background information such as previous addresses, names you have used, criminal record, and your education history
Your resume, because banks often want to know your experience related to running a business before taking a chance on you
A business plan, including profit and loss, proof of cash flow, and the balance sheets from your business
A credit report from all three major consumer credit reporting agencies
Personal and business tax returns for the past three years
Signed personal financial statements (if you own more than a 20% stake in your company)
Projected financial statements
Personal and business bank statements for the past year
Documentation of the cost or value of the personal or business property you would put up as collateral if necessary
Legal documents including business licenses and registrations required for you to conduct your business, articles of incorporation, copies of contracts you have with any third parties, franchise agreements, and commercial leases
If this sounds like a lot of paperwork, that’s because it is.
The good news is that there’s an easier way. Lendio has partnered with more than 75 leading lenders to create a process where you only need of a fraction of these documents to complete your small business loan application. And the experience is beloved by small business owners because it’s simple and user-friendly.
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