SBA Loans: Document Checklist

A Small Business Administration (SBA) loan can be the solution to expanding your business, purchasing necessary equipment, or simply improving cash flow. The process involves submitting detailed documentation to prove creditworthiness, verify your business and its viability, and provide other information such as the purpose of the funding.

We know the process of applying for an SBA loan may feel intimidating. Therefore, we prepared this SBA Loans: Document Checklist for your reference. Having all the documents submitted properly with your application is crucial to increasing your chances of approval and avoiding delays.

Working with professionals like the experts at Business Funding Group (BFG) can make the process easier. We help you collect the required documents and ensure there are no errors before submitting your application. Getting all your documents ready does not have to be stressful.

Personal and Business Financial Documents Needed

SBA lenders want to know that a business owner is financially responsible and able to repay a loan. Therefore, you must submit personal financial documents as well as business financial documents.

A checklist of personal and business financial documents to provide an SBA lender includes:

• Personal identification information, such as name, address, date of birth, social security number, and phone number
• Personal tax returns from the last three years for all business owners who have at least 20% ownership
• Business tax returns from the last three years to demonstrate the business’s financial history
• A personal financial statement that details assets, liabilities, income, and expenses
• An updated profit and loss statement and balance sheet to determine the business’s current financial position
• Cash flow projections

Debt and Credit Information

These documents are important for lenders to review, as they use them to determine your ability to take on additional debt and the likelihood that you will repay the loan. Creditworthiness is a key factor for lenders when deciding whether to approve a loan.

A checklist of debt and credit documents should include:

• Business debt schedule that lists all outstanding loans, lines of credit, and loan terms
• Personal credit reports
• Business credit reports
• Collateral documents, including appraisals or documentation of assets such as real estate, vehicles, or equipment

Business and Legal Documents To Submit

Lenders also need documentation proving that your business is properly established and legally compliant. These documents verify the company’s structure, ownership, and legitimacy. Having all of this information organized and readily available helps to keep the loan process moving.

A checklist of business and legal documents to give your SBA lender includes:

• Business licenses and permits, whether local, state, or federal
• Articles of Incorporation for verification of business structure (LLC, corporation, partnership, etc.)
• Operating agreement or bylaws (for understanding management roles)
• Employer Identification Number confirmation letter from the IRS that serves as proof of the business’s legal status
• Lease agreement if your business operates from a rented space
• Mortgage or property ownership if you own business real estate
• Contracts with third parties

Additional Documents That May Be Requested by the Lender

Depending on a business’s specific circumstances, lenders may request additional documentation to help them in their decision, such as:

• A detailed business plan that outlines financial projections, market research, repayment plan, and more
• Purchase agreements if the loan is for buying real estate, another business, or other equipment
• Resumes
• Credentials and certifications

Work With BFG for a Smooth SBA Loan Process

This may seem like a lot of documents to gather. Like many other business owners, you may not have all your documents organized in one place. At BFG, we are here to help! We make the SBA loan application process easier and smoother by organizing and reviewing all your information for accuracy and completeness.

Lenders appreciate applications that are complete, accurate, and well-organized. Let us help with the stressful data collection and file preparation, so you can continue working on growing your business. Contact us today to start the process of securing your financing.