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Getting a can seem daunting and complex – but it doesn’t. With a bit of preparation (and finding the right loan provider), this process can be much smoother, allowing your business to access the capital it needs to make key investments and grow.
That said, one of the best ways to ease the loan-approval process is by meeting your business loan document requirements.
That means gathering everything upfront so the application process moves faster and you avoid delays.
Preparing your documents ahead of time is one of the most practical ways to speed up the application process and improve your chances of approval.
So, what are the documents needed for a business loan when you borrow from a bank? What documents do you need when you borrow from Credibly?
Key Takeaways
- Bank Requirements: Traditional lenders typically require extensive documentation, including balance sheets, tax returns, and business plans.
- Alternative Options: Lenders like Credibly simplify the application process, often requiring only a financial application and 3-4 months of bank statements to get started.
- Credit Impact: While high credit scores ease the process, financing options exist for businesses with lower ratings.
- Preparation: Having documents ready beforehand significantly reduces the “financing deficit” and speeds up capital access.
Documents needed for a business loan
Keep in mind: documentation requirements vary depending on the type of loan and the lender you’re working with.
That said, most banks require the same core set of documents.
When you borrow from a bank, the most commonly required documents for business loans are:
- Balance sheet
- Personal and business credit report
- Income tax returns
- Business plans
- Cash flow forecast
- Financial statements
- Profit and loss (P&L) statements
- Business licenses and permits
- Articles of organization or incorporation
- Proof of collateral
That’s a long list—and depending on the lender and loan type, it can grow even longer. Here’s the difference when you choose Credibly:
When you choose Credibly, your business loan application process requires far less documentation than with other lenders. Here’s what we need:
- Completed financial application
- Your most recent 3-4 month’s worth of business bank statements
These requirements are based on your business history and/or industry. You may need to provide additional information.
Balance sheet
One of the most critical business loan documents required by a bank is your business balance sheet.
This will give your lender a snapshot of your business’s current financial position.
Your balance sheet doesn’t have to be overly complicated. Here’s what it should include:
- Assets
- Liabilities
- Equity sources
- Accounts receivable
This snapshot essentially demonstrates to a lender how much your business owns against how much you currently owe. The more assets you have relative to liabilities, the stronger your loan options. A higher debt load makes approval harder—but not impossible.
Keep in mind: roughly of small businesses carry $100,000 or more in debt and still qualify for financing.
As a rule of thumb, you should bring in at least two years of balance sheets (if available) when presenting your business loan documents.
This document can be easily prepared by simply tabulating the above categories and laying them out in a clear and readable format.
When you choose Credibly, you don’t need to worry about your balance sheet. Simply complete our, and send us the last three to four months’ worth of business bank statements—a much lighter lift.
Business and personal credit report
Another set of critical business loan documents required by lenders like banks is your credit scores—both personal and business.
Your credit report/score is just your track record of paying down debts in your past. If your personal and business credit score are high, fantastic—it’ll be that much simpler to get the small business loan you need (and you’ll have an easier time accessing the amount of capital you’re looking to get).
Conversely,, that doesn’t mean you’re out of luck; there are a available to you.
But no matter what your credit score is, you’ll have to come to your lender with the paperwork—these are documents required for business loans.
You can access business credit reports from providers like,, or. Your financial institution can supply your personal credit report, and you can also access free personal reports at.
Most banks will also request personal identification details (Social Security number, date of birth, residential address, ownership percentage) alongside the credit pull..
Income tax returns
If your business has been running for several years, you’ll likely need to prepare at least two years of all tax documents in addition to proof of your monthly earnings.
This serves to help your lender understand your current financial position, which in turn will influence the size of the loan you’re eligible to receive. Typically, loans are sized in relation to a business’s revenue and profit margin—for example, the that lenders assess your ability to repay based on historical cash flow and profitability.
If you’re just starting out, you can more easily access a loan by providing personal financial documents—such as personal tax returns and bank statements. Showing your lender a personal bank account (or accounts) that demonstrate you to be in strong financial standing with a history of financial responsibility makes it much easier to acquire that loan your business needs.
Your personal and business accountant can provide these documents.
Unlike banks, however, Credibly doesn’t require your income tax returns to apply for financing. Instead, you can keep things simple with a completed financing application and the last 3-4 months of your business bank statements. Less documentation, and easier to manage. For deals over $100,000, you may need to provide business tax returns.
Business plans
A well-structured, comprehensive can go a long way towards facilitating the loan application process.
A business plan can be the most time-intensive document to prepare. It shows lenders how clearly you’ve thought through your model—and can directly affect both approval speed and loan size.
Here’s what your business plan should include at minimum:
- Plan for implementation
- Accurate projected returns
- Action plan for yielding those returns within your projected timeline
Depending on your particular industry, you may also need to show that you have the requisite business licenses that allow you to operate in your relevant jurisdiction.
While this doesn’t apply to all businesses, it’s important to remember if it is relevant to your specific industry. Find out.
Cash flow forecast
When you choose a bank as your lender, among the documents needed for a business loan, your lender will want to see your cash flow forecast.
Your cash flow forecast will demonstrate that you have a detailed plan on how to make the necessary profits to pay back the borrowed amount on time. The forecast includes:
- Projected income
- Expected operating expenses
- Net cash position month by month
You’ll also need to determine what payment terms are realistic for your business. That includes the size of the loan, affordable interest rates, payment timeline, etc.
about cash flow statements and how to make them.
Financial statements
Some lenders require, among other documents for your business loan, your business’s bank and financial statement (again, rule of thumb is to at least provide two years of data).
- income statements
- bank statements (business and personal)
These differ from balance sheets as this provides a direct glimpse into your overall financial health (both business and personal), whereas balance sheets offer more of a snapshot in time.
You can obtain the necessary data for this business loan requirements document from your financial institution.
Proof of collateral
When working with traditional banks, lenders—especially for new businesses or those with lower credit scores—will often require to secure the loan. With Credibly’s products like working capital loans and merchant cash advances, collateral isn’t required.
This is to secure your debt and protect your lender.
Some government-backed loan programs also don’t require collateral..
Many different assets can be offered up as collateral, and it’s up to you to determine which ones you’re comfortable with selecting. The following are a few examples of acceptable collateral:
- Commercial real estate
- Equipment and vehicles
- Inventory
- Accounts receivable
Your collateral requirements typically vary based on the following factors:
- The size of the loan
- Credit history
- Whether your lender requires you to partially or fully secure the loan
Other factors—such as your industry and lender preferences—may also affect collateral requirements.
For larger, fully secured bank loans, collateral typically needs to match the loan size—which is worth understanding as you compare your options.
Are business loan documents really that important?
Short answer: yes, business loan documents are needed.
More detailed answer: the documents needed for a business loan vary depending on the lender and the type of financing requested.
Loan and alternative financing options include:
- Unsecured term loans
- Secured loans
- Business credit cards
Among others. Each will require its own set of required documents for a business loan or alternative financing.
In addition, some lenders have very stringent business loan or financing requirements document checklists that you need to meet.
Others have more relaxed requirements to apply. Like Credibly—we only require the last 3-4 months of your business bank statements, and a completed financing application.
But, typically speaking, you’re going to need the documents listed above in order to obtain your small business loan or other alternative financing.
How business loan document requirements vary by lender
The business loan documents required, as mentioned, are dependent on several factors, but among the most important is the specific lender you’re approaching.
- Traditional banks: Expect the longest checklist, often including tax returns, financial statements, and business formation documents—plus collateral documentation for secured loans.
- SBA lenders: Requirements are often similar to banks, with additional program-specific forms and underwriting documentation.
- Alternative lenders (like Credibly): Requirements are typically lighter, often centered on a financing application and recent business bank statements.
Many businesses borrow to cover day-to-day operations, expansion, or hiring—especially when cash flow needs are time-sensitive. If you’re looking for a faster option for working capital, learn more about.
Frequently asked questions
How do you qualify for a business loan?
Lenders typically evaluate a mix of business and personal factors, including:
- Credit score: Higher scores can help, but there are options for.
- Time in business: Many lenders prefer an established operating history.
- Annual revenue: Your revenue helps lenders assess affordability and repayment ability.
- Collateral: Some loans require it, especially for larger, secured financing.
- Business plan/financials: Documentation like financial statements can support your ability to repay.
With Credibly, the process is often simpler: you can start with a completed financing application and the last 3-4 months of business bank statements..
Can a startup LLC get a business loan?
Yes, but approval often depends on a few startup-specific factors, including:
- Personal credit carries extra weight: Startups often rely more on the owner’s credit profile and personal financial history.
- Collateral can strengthen the application: Assets you can pledge may improve eligibility with traditional lenders.
- A business plan carries extra weight for startups: A clear plan can help lenders understand your model and repayment strategy (see guidance).
- Loan or financing type affects eligibility: Some lenders and products are more flexible for newer businesses, so it helps to compare options.
If you’re thinking of applying for financing, focus on documenting your personal finances, lining up any collateral you’re comfortable using, and choosing a lender and product that match your time in business and cash flow.
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