What Documents Do You Need To Get A Business Loan
Business plan There are exceptions but the vast majority of commercial loan applications require a business plan document. Ration Card Telephone Bill Electricity Bill Passport Trade license Lease agreement Sales Tax certificate.
Contact your PPP lender and complete the correct form.
What documents do you need to get a business loan. These are some of the most common documents lenders require. Your lender can provide you with either the SBA Form 3508 SBA Form 3508EZ SBA Form 3508S or a lender equivalent. Checklist of Documents Required for Business Loan.
Bank statements from the previous three to twelve months. Business license and other certificates needed for doing business. To avail a business loan an applicant needs to provide the following documents as per the lenders requirements.
If your business carries enough cash to cover the entire loan you likely wont need much more than a balance sheet and some recent financials. Driving License PAN Card Passport Voters ID Card Aadhaar Card. Having the right paperwork ready will make the application process smoother and show your lender that youre prepared.
The documents required to secure a loan vary from lender to lender and based on your business history. Nowadays it can be shortperhaps even a lean business plan but banks still want that standard summary of company product market team and financials. Conventional Non-SBA Loans.
Business financial statements and tax returns up to previous three years. Include an explanation of why the SBA loan is needed and how it will help the business. If the loan you are applying for is not an SBA loan then here are the documents you will typically need.
Provide a history of the business and its challenges. 2019 andor 2020 IRS Form 940 for unemployment costs here. Proof of business activity in 2020 you must have been in business before February 15 2020 to qualify for a PPP loan Legal documents for your business charter state licenses If your business has employees you will likely need to provide.
4 rows Get the capital you need to grow your business. Business Lease Include a copy of the business lease or note for a landlord giving terms of the proposed lease. Additional Documents If Purchasing an Existing Business The following information may be required for purchasing an existing business.
Business and personal bank statements Business and personal tax returns. When you get your documents ready for. The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements.
