Business loans
Business loan application checklist
A lender reads a loan application from the outside in: the entity, the owners, the financial statements, the tax returns and the collateral. If the books and the returns tell different stories, the application slows down or stops. This checklist covers what to collect before a business loan application, so the firm can prepare the package once instead of answering the same request three times.
Who sends itSent by the firm to a business client that is applying for a bank loan, SBA loan, line of credit or equipment financing, before the lender's document request arrives.
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01Business and ownership
02Financial statements
03Tax returns
04Bank and sales records
05Collateral and guarantees
06Use of funds and projections
What firms get wrong
- Applying with financial statements that do not agree to the tax returns, which invites questions the firm cannot answer quickly.
- Sending the bank statements for one account but not the merchant or processor statements that explain the deposits.
- Listing collateral that already has a lien and not disclosing the existing debt.
- Waiting until the lender asks for a personal financial statement to collect the owners' liabilities.
- Projecting revenue with no assumptions or no connection to the historical financials.
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Questions about this checklist
What do lenders ask for in a business loan application?
Most lenders ask for the entity documents, two or three years of financial statements and tax returns, interim financials, a debt schedule, bank statements, collateral information and a personal financial statement for each owner.
How many years of tax returns does a lender need?
Two or three years is common for a term loan or SBA loan. A newer business may need to provide projections and the owner's personal returns instead of a long business history.
What if the client's books are not up to date?
Bring the books current before the application. A lender will compare the financial statements, the tax returns and the bank statements, and a large difference between them is a common reason an application slows down.
Does an SBA loan require a personal guarantee?
An SBA loan generally requires a personal guarantee from each owner who owns 20% or more, subject to the lender's and the SBA's rules. The client should review the guarantee with the lender and an attorney.
How long does a business loan application take?
A bank loan can take several weeks and an SBA loan can take longer. The timeline depends on the lender, the completeness of the package and the collateral. A complete document set is the best way to avoid a delay.
Sources
Checked November 3, 2026. Tax rules, forms and thresholds change; confirm them with the IRS or your tax software before relying on them.
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