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Business Loan Checklist


Business Loan Checklist

SBA is not the only source for small business loans. State and local economic development agencies and numerous non-profit organizations provide low-interest loans to small business owners who may not qualify for traditional commercial loans.

While every loan program has specific forms you need to fill out and documents you need to submit, you will likely need to submit the same information for different loan packages.

Before you start applying for loans, you should get some basic documentation together. The following are typical items for any small business loan application:

  1. Loan Application Form

    Forms vary by program and lending institution, but they all ask for the same information. You should be prepared to answer the following questions. Itís a good idea to have this information prepared before you fill out the application:

    • Why are you applying for this loan?
    • How will the loan proceeds be used?
    • What assets need to be purchased, and who are your suppliers?
    • What other business debt do you have, and who are your creditors?
    • Who are the members of your management team?
  2. Personal Background

    Either as part of the loan application or as a separate document, you will likely need to provide some personal background information, including previous addresses, names used, criminal record, educational background, etc.

  3. Resumes

    Some lenders require evidence of management or business experience, particularly for loans tha...

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