Gathering all the necessary documents is an essential step in securing any type of loan. If you are among those wondering what documents do you need for a business loan, keep reading to find a list of documents you may need, as well as some tips to help you throughout the process.
What Documents Do You Need for a Business Loan?
The documents you will need for a business loan may vary depending on many factors, including the institution issuing the loan. These are some of the most common:
- Application form
- Business plan
- Financial statements (balance sheet, income statement, personal and business bank statements, cash flow forecast)
- Legal documents (commercial leases, articles of incorporation, copies of relevant contracts)
- Business licenses
- Proof of collateral (where applies)
- Current accounts receivable and accounts payable aging reports
Some Useful Tips
Here are some quick ideas to take the stress out of the process of gathering documents to apply for a business loan:
- Make it a habit to keep good records. In addition to simplifying the lending process, this will help you (and your business) in myriad other ways.
- Make at least two copies of all your documents and keep them in a safe place.
- Needless to say, providing false or misleading information is a big no-no that will result in your loan being denied.
- A business plan is a crucial component of your loan application package. Take the time to write a solid business plan; if necessary, enlist the help of a professional to ensure that the result is compelling and comprehensive.
Gellyfish: Certainty of Execution in Business Loans
Looking for business loans in California, or anywhere in the United States? Gellyfish is here to help.
Whether you opt for conventional loans or SBA loans, Gellyfish offers financing with the certainty of execution you need to take your business to the next level.
Contact us today by email (email@example.com), telephone (877-800-4493), or social media (Facebook, Twitter, LinkedIn), to schedule a free consultation or to learn more about our full range of financing options.