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Getting Ready

Applying for a small business loan can be stressful, and filling out the application might feel overwhelming.

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Getting Ready for a Loan

Here are some tips to help you prepare for your loan application:

  • Review Your Business Credit: Check your business credit profile and address any issues or potential concerns.
  • Organize Your Business Identity: Make sure you have a tax ID number, keep personal and business expenses separate, and set up a dedicated company phone number and website.
  • Build Your Business Credit: Start establishing trade credit with suppliers who report to credit bureaus.
  • Improve Your Personal Credit Score: Depending on the lender, a personal credit score below 500 may make it difficult to secure a loan.

Applying for a small business loan doesn’t have to be complicated or time-consuming. Many online lenders offer straightforward applications. To make the process smoother, we’ve put together a checklist of items and qualifications you might need before you start your application or speak with a loan advisor. This will help you avoid unnecessary delays.

Consider these factors before applying for a business loan or line of credit:

Even though small businesses often face fluctuating cash flow, a business loan can help meet your financial needs.

  • Review Your Business Credit: Check your business credit profile and address any issues.
  • Establish Your Company Identity: Form a legal business entity, such as an LLC.
  • Obtain a Business Tax ID Number: This is essential for business transactions.
  • Maintain a Business Bank Account: Keep a separate account with at least five deposits each month.
  • Set Up a Business Phone Number and Website: These should be distinct from your personal ones.
  • Build Trade Credit: Work with vendors who report to credit bureaus to strengthen your credit history.
  • Monitor Your Personal Credit Score: Aim for a score above 500, with a score over 600 improving your chances of approval and securing better rates.

Applying for a small business loan doesn’t have to be complicated or time-consuming. Many online lenders offer straightforward applications. To make the process smoother, we’ve put together a checklist of items and qualifications you might need before you start your application or speak with a loan advisor. This will help you avoid unnecessary delays.

Have these items ready to make the application process as smooth as possible:

While small businesses often face fluctuations in cash flow, a business loan can help meet your financing needs.

  • Clear Reason for Financing: Have a well-defined purpose for the loan.
  • Prepare a Business Overview: Create a one-pager including:
    • How long you’ve been in business
    • Number of employees
    • Tax ID number
    • Average gross annual revenue
  • Gather Financial Documents: Download the most recent three months of business bank statements from your bank’s website for easy upload or email to your loan advisor. (Here are instructions for some popular banks.)
  • Check for Public Filings: Research any public filings related to your business.
  • Verify UCC Filings: Check if there are any UCC (Uniform Commercial Code) filings on your business.
  • Update Secretary of State Filing: Ensure your Secretary of State filing is current (Note: Sole proprietors do not need this).
  • Review Liens and Judgments: Be aware of any liens or judgments against your business.
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