Checklist: What to Take to the Lender
Documentation requirements may vary; contact your lender for the information you must supply. Common requirements include the following:
- Purpose of the loan
- History of the business
- Financial statements for three years (existing businesses)
- Schedule of term debts (existing businesses)
- Aging of accounts receivable and payable (existing businesses)
- Projected opening-day balance sheet (new ventures)
- Lease details
- Amount of investment in the business by the owner(s)
- Projections of income, expenses, and cash flow
- Signed personal financial statements
- Personal resume(s)
- Business plan
- Copies of last two years personal tax returns (new ventures)
- Copies of last two years business tax returns (existing businesses)
(Checklist courtesy of SBA Michigan District Office with modifications by MI-SBTDC)
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