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Question:   What information do I need to apply for a business loan?

Answer:   The following is a checklist of information that normally is required of a business loan. Depending on the nature and/or use of proceeds of the loan, the documentation will vary. However, the following are general requirements: (1) Loan amount and use of proceeds; (2) Personal financial statement. (3) Personal tax returns for the last three years. (4) Business financial statements (for existing businesses) for the last three years and current year, not more than 90 days old.; (5) Business tax returns (for existing businesses) for the last three years; (6) Collateral and value of assets to be pledged toward the loan; (7) Debts to be paid off with the loan proceeds (if any); (8) 12-month Business Financial Forecast of the first year; quarterly projection for the 2nd year projection; (9) Business plan; (10) Ownership related documents--e.g. assumed name certificate; articles of partnership; articles of incorporation; (11) Resume of owner(s)/applicatant(s); (12) Complete bank or SBA application forms. A report of your credit history is always and integral part of your loan application and will be reviewed by the lender. The applicant should know what his/her current credit report indicates and should access a copy of a credit bureau. Other information may be required by the lender depending on the nature of the loan, the business, the applicants, and the use of proceeds. For start-up business a list of the start-up costs to be financed is also required.

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