What You Need To Apply for a Small Business Loan

Working capital loans for small business

With all of the other tasks you have to focus on with a small business, and considering just how important these businesses are to the American economy, you’d think that financial the business would be a little bit simpler. Unfortunately, finding good rates on small business loans and working capital loans for small businesses isn’t always the easiest thing to do. If you need some help with your own small business funding, there are plenty of options for small business loans; the most important thing you can do is just make sure that you’re prepared for the process before you start contacting banks, credit unions, and small business funding experts for help.

So what exactly will you need when you’re applying for a small business loan?

  • Personal background statements and business financial statements

  • Records indicating your business’s profits and losses (usually within the last three years is good)

  • A list of your business’s current debts, and make sure to include info about the lender and amount owed

  • A projected statement of your profits and losses in the future (this can be for just a year into the future)

  • Information about your business — any certificates and/or licensing that you and/or your employees need in order to be operating legally, and any applicable lease information

  • Income tax returns

  • An overview of your business, a set amount of money you want to borrow, and exactly what you intend to do with that money

When you’ve got all of this info organized and ready to present, you’ll be in much better shape! Remember that your business doesn’t have to be super successful all of the time; it’s okay to have some bumpy patches and it’s equally as okay to ask for some help along the way. Learn more.

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