Riverhead TeamWhat to know
The documents and data points lenders ask for, in one organized list — so you apply once, fully prepared.
The fastest way to a clean approval is to apply once, fully prepared. Most delays and declines come from missing documents or surprises in the file — not from the business being unfundable. Use this checklist to walk in ready.
Documents to gather
Have these organized and current before you apply:
- Business bank statements — the last 3 to 6 months.
- Year-to-date profit & loss statement.
- Balance sheet (for larger or bank/SBA loans).
- Business tax returns — usually the last 1 to 2 years.
- Personal tax returns for owners with 20%+ ownership.
- A current business debt schedule — every existing obligation, payment, and balance.
- Business formation documents — articles of organization/incorporation, EIN letter.
- Government-issued ID for each guarantor.
- A voided check or bank verification for funding.
The numbers to know cold
Underwriters will ask, and crisp answers signal a lower-risk borrower:
- Monthly and annual revenue.
- Time in business.
- Existing monthly debt payments.
- Your approximate personal credit score.
- The exact amount you need and what it's for.
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The qualification factors behind the requirements
The documents exist to answer five questions:
- Can you repay? Cash flow and debt service coverage.
- How risky is the business? Time in business, revenue stability, industry.
- How reliable is the borrower? Personal and business credit.
- Is there a backstop? Collateral and the personal guarantee.
- What's the money for? A clear, sensible use of funds.
A complete, organized file does more than speed things up — it signals competence. Lenders fund operators who clearly understand their own numbers.
Common gaps that slow you down
- Commingled personal and business finances.
- Overdrafts or negative days in recent bank statements.
- An out-of-date or missing debt schedule.
- Mismatched business names or addresses across documents.
- No clear use-of-funds.
Before you hit submit
Match the product to your profile so you're applying where you actually fit, and avoid scattering applications that create hard inquiries and declines. If you'd rather not guess, getting matched against a partner network with one profile lets you see what you qualify for — and the true cost of each option — without a hard pull during matching. Partner lenders hard-pull only when you accept a specific offer; SBA is the exception, requiring one at formal application.