Preparing for a Commercial Loan Application

Everything you need to have in place before you submit an application to a major lender.

Applying for a commercial loan is not like applying for a personal credit card. Lenders require extensive documentation to verify your business's financial health, structure, and ability to repay the debt.

The Documentation Checklist

Before you apply, gather the following documents:

3 years of business tax returns
3 years of personal tax returns (if requiring a PG)
Year-to-date Profit & Loss (P&L) statement
Current Balance Sheet
6-12 months of business bank statements
Business debt schedule
Articles of Incorporation / Organization
Executive summary or business plan (for SBA loans)

Review Your Credit Reports First

Never apply for a loan without first reviewing your business credit reports from Dun & Bradstreet, Experian Business, and Equifax Business. Dispute any errors or derogatory marks before submitting your application.