What you will need to apply

The core set every lender wants

• Business bank statements, the last 3 to 6 months for every operating account.
• Business tax returns, the last 2 years.
• Year to date profit and loss and balance sheet from your accounting software.
• Debt schedule: every loan, advance, lease and credit line with the balance, payment and lender.
• Ownership details for everyone who owns 20% or more: name, percentage, home address, government ID.
• Entity documents: EIN letter (business number in Canada), articles of incorporation or organization, licenses where relevant.
• Voided check or bank letter for funding.

Extras by product

• Equipment financing: vendor quote or invoice and the equipment details.
• Invoice factoring: A/R aging report, sample invoices, customer list.
• Business acquisition: letter of intent or purchase agreement, the target's 3 years of financials and returns, your plan.
• Commercial real estate: purchase agreement or lease, rent roll, property details.
• SBA loans: SBA Form 1919, personal financial statement (Form 413), business plan for startups, personal tax returns.
• Startups: business plan with projections, proof of owner investment, personal financials.

Why lenders ask for each item

Bank statements show real cash flow, balances and whether payments bounce. Tax returns prove revenue and profit. Year to date financials show the trend since your last return. The debt schedule lets a lender calculate whether your cash flow covers a new payment (see DSCR explained). Ownership details satisfy identity rules and guarantee requirements. The product extras prove what the money buys and what secures it.

What slows applications down

Large deposits that are not sales with no explanation, missing months in the statement run, a debt schedule that leaves out an advance that shows on the statements, last year's return not filed and no extension, and owners who add up to 90%. Fix these before you submit and your file moves faster than most.