What are the most common documents lenders want to see to start your business loan application? Getting your loan application approved is much easier if you are prepared.
Keep in mind that each bank will have its own requirements but gathering this information should help speed the process.
A checklist of documents:
• Articles of incorporation
• Bylaws/Operating Agreement
• Payroll expense verification documents
• Payroll summary report
• Breakdown of payroll benefits
• 1099’s of independent contractors
• Certification that all employees live in the US (I-9 Forms)
• List of all business expenses incurred monthly
• Rental amount/mortgage amount – proof of the monthly obligation
• Supporting bank statements confirming the payments have been made
• Certification from the employer confirming the truth of the documentation
• Details of Your Other Loans
• Proof of Collateral