If I am applying for a business loan, what type of information does the bank usually ask for?

Answer —- When applying for a business loan there are a number of forms and documents to fill out for the bank.  While the information required may vary by bank, here are a number of items that are typically required:

  • Personal background and financial statements
  • Business financial statements (income statement & balance sheet – if the business is already open)
  • Last 3 years of business tax returns (If the business is already open)
  • Projected financial statements (Banks typically want 3 year projections)
  • Business certificate/license
  • FEIN
  • Personal income tax returns for last three years (For owners with 20% or more ownership of the business)
  • Personal financial statements (For owners with 20% or more ownership of the business)
  • Resumes of owners and key employees
  • Business plan
  • Building sales agreement or lease