Business Financing
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Standard Lender Information Requirements

A standard loan application for business financing typically includes a variety of information items and documents that provide a comprehensive overview of the business's financial health, the purpose of the loan, and the ability of the business to repay the borrowed amount. Here's what a standard lender information list looks like.  Not all business financing applications will require all these items depending on the capital request and lender. 

1. Business Information

  • Business Name and Contact Details: Full legal name, address, phone number, email, and website.
  • Business Structure: Whether it’s a sole proprietorship, partnership, LLC, corporation, etc.
  • Industry Type: The sector or industry in which the business operates.
  • Date of Establishment: How long the business has been operating.
  • Tax Identification Number: Federal EIN (Employer Identification Number) for the business.
  • Legal and Trading Status: Information on any legal proceedings, bankruptcies, or trading difficulties.

2. Loan Information

  • Amount Requested: The specific amount of funding being requested.
  • Purpose of the Loan: Detailed explanation of how the loan will be used (e.g., equipment purchase, expansion, working capital).
  • Loan Term Desired: The preferred repayment period.
  • Type of Loan: Specifying the type of loan product being applied for, if applicable.

3. Ownership and Management

  • Owner(s) Information: Names, addresses, social security numbers, and percentages of ownership for all owners.
  • Management Team: Key management personnel and their qualifications or resumes.

4. Financial Information

  • Financial Statements: Balance sheet, income statement (profit and loss account), and cash flow statements for the last 2-3 years and current interim financial statements.
  • Personal Financial Statements: For each principal owner listed in the application.
  • Tax Returns: Business and personal tax returns for the last 2-3 years.
  • Bank Statements: Business bank statements for the last 6-12 months.

5. Business Plan

  • Executive Summary: Overview of the business and its strategic direction.
  • Market Analysis: Information on the business’s market, competitors, and place within the industry.
  • Marketing and Sales Strategy: How the business intends to attract and retain customers.
  • Operations Plan: How the business is set up operationally, including suppliers, production methods, and processes.
  • Financial Projections: Detailed projections of income, expenses, and cash flow for the next 1-3 years, including assumptions made in the forecast.

6. Collateral

  • Collateral List: Detailed list of assets to be offered as security for the loan, including values and any existing liens.

7. Other Documents

  • Business Licenses and Permits: Copies of any required licenses or permits.
  • Lease Agreements: If the business operates from leased premises.
  • Articles of Incorporation or Organization: For LLCs and corporations.
  • Franchise Agreements: If applicable.
  • Credit Report Authorization: Permission for the lender to request a credit report on the business and its owners.

Ensuring that a loan application is thorough and well-prepared can significantly impact the likelihood of approval. It demonstrates to the lender that the business is well-managed, has a clear purpose for the funds, and has a solid plan for repayment.

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