What financial documents do I need to get a business loan?
Most lenders ask for the same core set of documents regardless of the loan type. Having them ready and accurate before you apply speeds up approval and shows you run a serious operation.
Financial statements come first. Lenders want your Profit and Loss statement, Balance Sheet, and Cash Flow Statement for at least the past two years. These tell them whether your business is profitable, how much debt you carry, and whether you generate enough cash to cover a new loan payment. Some lenders want three years of statements, especially for larger loan amounts.
Business and personal tax returns for the past two to three years are standard. Lenders compare your tax returns to your financial statements looking for consistency. If your P&L shows $400,000 in revenue but your tax return reports $280,000, that discrepancy raises questions and slows everything down.
Bank statements for the last three to six months round out the picture. Lenders look at average balances, deposit patterns, and whether you regularly run close to zero. They want to confirm that cash actually moves through your business the way your financial statements suggest.
You’ll also need accounts receivable and accounts payable aging reports. AR aging shows who owes you money and how long invoices have been outstanding. AP aging shows your vendor obligations. A lender wants to see that customers pay you on time and that you’re keeping up with your own bills.
Prepare a debt schedule listing every current loan, line of credit, and recurring obligation along with balances, monthly payments, and interest rates. Lenders need to see your full debt picture before adding to it. If any owner holds 20% or more of the business, expect to provide a personal financial statement covering personal assets, liabilities, and net worth. SBA loans almost always require personal guarantees, so your personal financial health matters too.
For SBA loans or larger amounts, some lenders request a business plan or loan proposal explaining how you’ll use the funds and how you plan to repay.
The quality of these documents matters just as much as having them. Financial statements pulled from well-maintained books tell a clear, credible story. Statements assembled from months of unreconciled transactions look unreliable, and experienced lenders can tell the difference immediately. This is exactly where full-service bookkeeping pays for itself. When your books are maintained monthly, your financial statements are always loan-ready without any last-minute scrambling.
If your books are behind, get them current before you apply. Walking into a bank with disorganized financials usually results in a denial or worse terms than you’d otherwise qualify for. Working with a bookkeeper in Chandler who keeps your records accurate month to month means you can pull these documents whenever an opportunity comes up. You hand them over with confidence that everything ties out, and your lender sees a business owner who knows their numbers.
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More Questions
How do I read a profit and loss statement?
A profit and loss statement shows whether your business made or lost money over a period of time. Read it from top to bottom, starting with revenue, subtracting costs, and ending with your net profit or loss.
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Use a consistent chart of accounts across all locations and track each one separately using location or class features in QuickBooks. Separate bank accounts per location and standardized coding make comparison reporting possible.
Read answerWhat's the difference between a bookkeeper, an accountant, and a CPA?
A bookkeeper handles your daily transactions and reconciliations. An accountant interprets financial data and prepares reports. A CPA holds a state license that allows them to sign audits, represent you before the IRS, and file tax returns.
Read answerWhat is a fractional CFO and how is it different from a bookkeeper?
A bookkeeper records your financial transactions and keeps your books accurate. A fractional CFO uses that financial data to help you make strategic decisions about growth, cash flow, and profitability on a part-time basis.
Read answerWhen do I need to collect W-9 forms from subs?
Collect a W-9 before you make the first payment. Not after, and definitely not at year-end when you're scrambling to file 1099s. Make it part of your onboarding process alongside contracts and proof of insurance.
Read answerWhen should I write off an unpaid invoice as bad debt?
It depends on your accounting method. If you use cash basis, there's usually nothing to write off because you never recorded the income. For accrual basis businesses, write off an invoice once you've exhausted reasonable collection efforts, typically after 90 to 120 days.
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