Business loan document checklist

The business's finances

• Business tax returns for the last two yearsFor corporations and partnershipsEvery page and schedule, as filed. Some lenders ask for three years; a newer business gives what it has.

  LoanPrep reads this

• Year-end profit and loss statements and balance sheets for the same yearsIf an accountant prepares them, say whether they're compiled, reviewed or audited. Lenders give audited statements the most weight, and the balance sheet shows what a tax return may not.

  LoanPrep reads this

• Last year's year-end profit and loss statement and balance sheetIf the latest return isn't filed yetUntil the return is filed, these stand in for it. Expect the lender to ask for the return, or the extension, once it's done.

  LoanPrep reads this

• This year's profit and loss statement and balance sheet, to dateDated within the last 90 days, which is SBA's limit too, with the same months of last year beside them so the two can be compared.

  LoanPrep reads this

• A list of the business's loans, lines of credit and leasesFor each one: who it's with, what's owed, the monthly payment, the rate, when it ends and what secures it. Include any the new loan will pay off.

  LoanPrep reads this, or fill it in during the check

• Accounts receivable and payable agingsFor a line of creditWho owes the business, who it owes, and for how long. A line of credit is often lent against receivables, so expect to send these every month or quarter.

  LoanPrep reads this

• Sales by customer, if one customer is a big share of salesLenders ask about any customer over about 20% of sales: how long you've worked together, and what would happen if they left.

  LoanPrep reads this

• Recent business bank statementsMany lenders ask for the last few months, to see the cash coming in and the balance the business keeps.
• A business plan with projectionsFor a business under two years oldHow the business will make the payments: monthly projections for at least the first year, and the assumptions behind them. SBA's guide to business plans suggests five years.

  SBA: Write your business plan

Each owner with 20% or more

Owners of 20% or more usually guarantee the loan, so the lender looks at their finances too. Anyone else guaranteeing it gives the same.

• Personal tax returns for the last two yearsForm 1040 with every schedule, and the K-1s from any business they own. A married couple filing jointly gives one return.

  LoanPrep reads this

• A personal financial statementWhat they own and what they owe, signed and dated within the last 90 days. SBA loans use SBA Form 413, with the same 90-day limit; other lenders have their own form. Married owners usually give one together.

  LoanPrep reads this, or fill it in during the checkSBA Form 413

• A driver's license or passportBanks have to confirm who they're lending to.
• A résumé, or a short summary of their experienceFor a business under two years oldLenders want to know who will run the business, and how long they've done this kind of work.
• Proof of U.S. citizenshipSBA loans onlySince March 1, 2026, every owner of a business getting an SBA loan must be a U.S. citizen or U.S. national whose home is in the U.S., and the lender checks.

  SBA Policy Notice 5000-876441 (copy at NAGGL)

About the loan

• What the money is for, and how muchA short list of what each dollar pays for. Not sure how much? The check can work out the most your cash flow supports.

  SBA Lender Match: get ready

• Where the down payment comes fromFor property or buying a businessBank or brokerage statements showing the cash. Lenders want to see it's yours, not borrowed, and SBA lenders have to check.
• The purchase contract, or the current loan's statement for a refinanceFor propertyWith the property's address, and the leases and a list of tenants if you'll rent out part of it. The lender orders an appraisal and an environmental report, and you usually pay for them at closing.
• How much of the building the business will useFor property, SBA loans onlySBA real estate loans are for buildings the business occupies: at least 51% of an existing building, or 60% of a new one.

  13 CFR 120.131

• A quote or invoice for the equipmentFor equipmentMake, model, price and seller. For used equipment, its age and condition too.
• The purchase agreement or letter of intent, and the seller's recordsFor buying a businessThe seller's last three years of tax returns and financial statements, this year's to date, and a list of what's included in the price. On an SBA loan, the lender also orders an independent valuation of the business, which SBA requires whenever a business changes hands.
• Projections and a day-one balance sheetFor buying a businessTwo years of projections for the business under your ownership, with the assumptions behind them, and a balance sheet showing the business as it will stand the day you take over, with the new debt on it.
• Statements for each loan being paid offFor paying off debtRecent statements showing what's owed and that payments have been on time.

SBA forms

Your lender gives you each form. They change from time to time, so use the copy they send.

• SBA Form 1919, Borrower Information FormSBA 7(a) onlyQuestions about the business, its owners, the loan and any other government financing, for 7(a) loans.

  SBA Form 1919

• SBA Form 1244, Application for Section 504 LoansSBA 504 onlyThe 504 application, filled in with the Certified Development Company that makes SBA's part of the loan.

  SBA Form 1244

• IRS Form 4506-CSBA loans onlyLets the lender get transcripts of your returns from the IRS, to check them against the copies you gave. SBA lenders verify returns this way, or with Form 8821.

  SBA Information Notice 5000-843625

• SBA Form 159, if you pay someone to help with the applicationSBA loans onlyA broker, packager or consultant you pay shows the fee on it.

  SBA Form 159

The business's legal papers

• Formation papersFor corporations and partnershipsArticles of incorporation or organization, and the bylaws or operating agreement, showing who owns what.
• Business licenses, and the franchise agreement for a franchiseWhatever your city, state or industry requires to operate.
• The lease for the business's location, if it rentsLenders look at how long it runs and whether it can be renewed, compared with the loan's term.
• Proof of insuranceProperty and liability coverage. Before closing, the lender is usually added to the policy.