Once you decide what type of loan you need, your lender will request certain documents and financial records to determine if your business qualifies. These documents may include:
- A business plan showing your intentions for the loan
- Tax returns for your business
- Three to five years of company revenue figures
- Personal and business credit information
- Personal and business bank statements
- Cash flow history and future projections
- Business licenses and certificates
- Current profit and loss statements
- Detailed resumes of key executive staff members
- Franchise, partnership, and other legal agreements
The lender will review this information along with your application. However, before taking the time to gather such an extensive amount of paperwork, review the specifics of the loan one more time. Ask questions about anything you still don’t understand, and be ready to move on to another lender if something doesn’t sound right. If the cost of the loan is more than the benefit you’ll get from it, you’re better off seeking alternative options.
A business loan can give your company the boost it needs to make it through a difficult time or fund growth to catapult you to future success. Talk to a variety of lenders before making your final decision to find the terms and conditions compatible with your financial situation. Structure your budget so that you stay on top of loan payments to ensure your business winds up stronger and more profitable once the balance is paid off.
On this page, you’ll find a list of some of the highest-rated lenders in the industry. Check out their reviews , compare their features, and find the lender that’s best suited to meet the needs of your business.