Documents Needed for a SBA Loans

Get ready to apply for a small business loan

Benchmark Bank wants to be sure that you have everything you need in order to apply for an SBA Loan. Each loan program has a specific set of forms and documents that you will need to fill out. However, this list encompasses most of the documentation you will need in order to apply for a small business loan. Remember, you can talk with your Benchmark Business Banker if you have questions regarding the SBA Loan process.

Personal Documentation Required

  • Personal Background – You will most likely be asked for personal background information, such as previous addresses, names used, education, and criminal record.
  • Resumes – You may be required to submit your resume if you are starting a new business. Your resume will be evidence in proving that you have management or business experience.
  • Personal Credit Report – Your credit report will be obtained as part of the lending process. However, you should get your personal credit report in advance from the three major consumer credit rating agencies. You will want to clear any accuracies or blemishes to your credit report BEFORE YOU APPLY for a small business loan. Any damage to your credit report can hurt your chances of being approved.

Business Documentation Required

  • Business Plan – A sound business plan is required for all small business loan programs. Your business plan must be submitted with your loan application along with a complete set of projected financial statements, including profit and loss, cash flow and a balance sheet.
  • Business Credit Report – A business credit report is also required if you are already in business. You will want to review your business credit report before you begin the loan application process.
  • Financial Statements – Financial statements are required if you have more than 20 percent stake in your business. Projected financial statements may also be required with your business plan.
  • Legal Documents – You may also need one or more the following documents:
    • Articles of incorporation
    • Copies of any contracts with third parties
    • Commercial leases
    • Franchise agreements
    • Business licenses and registrations required for you to conduct business

Personal and Business Documentation

  • Bank Statements – A full year of personal and business bank statements is required with your loan application for most loan programs.
  • Collateral – Some loan programs require collateral; however, this requirement can vary greatly. It is best to talk with your Benchmark Business Banker to see if you need to prepare a collateral document.
  • Income Tax Returns – Most loan programs will require you to submit personal and business income tax returns for the previous three years.

Get more information about SBA loans

Contact a Benchmark Business Banker to learn more about SBA Loans and the required documentation.