Business Loan Application Checklist: Every Document You Need
Having all your documents ready can speed up approval by weeks. Here's the complete checklist for your business loan application.
Michael Chen, CFA
Business Finance Expert
Updated February 2, 2026 • 8 min read
Pro Tip: Prepare Everything in Advance
Incomplete applications are the #1 cause of delays. Gather all documents before you apply to improve your chances and speed up funding.
Personal Documents
- Government-issued ID (driver's license, passport)
- Social Security Number
- Personal tax returns (last 2-3 years)
- Personal financial statement (assets & liabilities)
- Resume highlighting relevant experience
- Proof of address (utility bill, lease)
Business Documents
- Business license or permits
- Articles of incorporation / LLC formation docs
- Employer Identification Number (EIN)
- Business tax returns (last 2-3 years)
- Business bank statements (last 3-12 months)
- Profit & Loss statement (year-to-date + prior years)
- Balance sheet
- Accounts receivable / payable aging reports
- Business plan (for larger loans or startups)
- Commercial lease agreement
Loan-Specific Documents
- Loan purpose statement (what you'll use funds for)
- Collateral documentation (titles, deeds, appraisals)
- Equipment quotes (for equipment financing)
- Purchase agreement (for acquisitions)
- Existing debt schedule (all current loans/payments)
- Cash flow projections (12-24 months)
SBA Loan Additional Requirements
SBA loans require additional documentation:
- SBA Form 1919 (Borrower Information)
- SBA Form 413 (Personal Financial Statement)
- SBA Form 912 (Statement of Personal History)
- Business Certificate / DBA filing
- Proof of business insurance
Documents by Loan Type
Online Lenders
Minimal docs: Bank statements, ID, basic business info. Often pull data automatically.
Bank Loans
Full documentation: All financials, tax returns, business plan, collateral docs.
Equipment Financing
Equipment quote/invoice, business financials, sometimes personal guarantee.
Invoice Factoring
Invoices, customer contact info, AR aging report, bank statements.