At Swift Capital Options, we understand that gathering the right documents is crucial for a successful loan application. This checklist covers the essential documents typically required for various types of business loans. Remember, specific requirements may vary by lender and loan type.
Essential Documents for All Loan Types
Business Information
Business license
Articles of incorporation or organization
EIN (Employer Identification Number) documentation
Proof of business ownership
Business plan (including executive summary)
Financial Documents
Business tax returns (last 3 years)
Personal tax returns for all owners with 20%+ stake (last 3 years)
Business financial statements:
Balance sheets (last 3 years)
Income statements (last 3 years)
Cash flow statements (last 3 years)
Business bank statements (last 6-12 months)
Profit and loss statement (year-to-date)
Accounts receivable aging report
Accounts payable aging report
Debt schedule (detailing all current business debts)
Personal Financial Information
Personal financial statement for each owner
Personal bank statements (last 3 months)
Copy of driver’s license or other government-issued ID
Legal Documents
Business licenses and permits
Franchise agreements (if applicable)
Commercial leases or property ownership documents
Contracts with major suppliers or customers
Additional Documents by Loan Type
SBA Loans
SBA Form 1919 (Borrower Information Form)
SBA Form 413 (Personal Financial Statement)
Business certificate/license
Resume for each principal
Business overview and history
Business lease
Detailed list of collateral
Equipment Financing
Quote or invoice for equipment to be purchased
List of current business-owned equipment
Equipment specifications
Depreciation schedule of existing equipment
Commercial Real Estate Loans
Property appraisal
Environmental report
Rent roll (for investment properties)
Property management history
Construction plans and costs (for construction loans)
Title insurance
Invoice Factoring
Accounts receivable aging report
Customer list with contact information
Sample invoices
Contracts or purchase orders related to invoices
Inventory Financing
Detailed inventory list
Inventory management system reports
Supplier contracts
Sales projections
Business Line of Credit
Accounts receivable and payable aging reports
Projected cash flow statement
Business credit report
Merchant Cash Advance
Credit card processing statements (last 4-6 months)
Bank statements showing credit card deposits
Industry-Specific Documents
Restaurants
Health department ratings
Liquor license (if applicable)
Menu
Construction Companies
Bonding capacity letter
Schedule of completed projects
List of current projects and backlog
Healthcare Providers
Medical licenses
Medicare/Medicaid numbers
List of insurance companies you work with
Tech Startups
Intellectual property documentation
User or customer acquisition metrics
Technical specifications of products/services
Additional Supporting Documents
For Established Businesses
Business credit report
Customer testimonials or references
Press coverage or marketing materials
For Startups
Detailed market analysis
Prototype information or product specifications
Pitch deck
If Offering Collateral
Recent appraisals of assets
Vehicle titles
Real estate deeds
Equipment valuations
Tips for Document Preparation
- Organize Thoroughly: Create a well-organized file system for easy access and updates.
- Keep Documents Current: Regularly update financial statements and projections.
- Quality Matters: Ensure all documents are legible and professional-looking.
- Digital Preparation: Scan paper documents and save in PDF format for easy sharing.
- Consistency Check: Ensure information is consistent across all documents.
- Explanatory Notes: Prepare explanations for any unusual items in your financials.
- Completeness: Double-check that you have all required documents before submitting.
How Swift Capital Options Can Help
Preparing a complete loan application package can be overwhelming. We’re here to assist:
- Document Review: We’ll review your documents for completeness and accuracy.
- Customized Checklists: We can provide tailored checklists for specific lenders or loan types.
- Gap Analysis: We’ll identify any missing documents or areas needing strengthening.
- Preparation Assistance: Guidance on compiling and presenting complex financial information.
- Updates and Maintenance: Help in keeping your document package current and ready for opportunities.
Your Next Steps
Ready to prepare your loan application documents? Here’s what to do:
- Review this checklist and identify which documents apply to your situation.
- Begin gathering and organizing the required documents.
- Note any items you’re missing or need help preparing.
- Consider any industry-specific documents you might need to include.
- Contact Swift Capital Options for personalized assistance in completing your document package.
Remember, a well-prepared and complete document package not only speeds up the loan process but also demonstrates your professionalism and readiness to potential lenders.
Are you ready to assemble a comprehensive and compelling loan application package? Reach out to Swift Capital Options today. Let’s work together to ensure you have all the necessary documents, properly prepared and presented, to maximize your chances of loan approval. With our expertise guiding you through this critical process, you can approach lenders with confidence, knowing that your application is complete, accurate, and showcases your business in the best possible light. Your business’s financial future is important – let’s ensure your document package opens doors to the funding you need!
