Whether you are scaling your business, acquiring one, or just need working capital, securing funding can be exciting and nerve-wracking at the same time. If you are applying for an SBA 7(a) loan for the first time, here is everything you need to make sure you are prepared for the application process ahead.
Once you have verified that you meet the Small Business Administration’s basic eligibility requirements and have a lender you want to work with, it’s time to get your documents in place to begin your application.
SBA 7(a) Loan Checklist
For your application process to move along seamlessly, it’s critical that you have your documents ready to submit when asked. For some borrowers, what prolongs the application is having to create a document that you don’t have ready. Some lenders, like Lendistry, use technology to reduce the number of documents you have to prepare on your own.
Here is a list of the most common required documents that are needed for an SBA 7(a) loan.
- SBA Form 1919: Borrower Information
- SBA Form 413: Personal Financial Statement
- SBA Form 912: Statement of Personal History
Business Documentation
- Tax Returns
- Financial Statements
- Bank Statements
- Resume
- Identification
Legal and Operational Documents
- Business License
- Formation Documents
- Business Plan
- Lease Agreement
- Debt Schedule
Specific Documentation & Information
- Purchase Agreement
- Use of Funds
- Collateral
Why a Lender Asks for Additional Documents
Even if you have the materials above ready, you may be asked for more. This happens because the lender may need more details to better understand your business and your needs as a whole. Requests for more docs may feel frustrating, but it’s part of responsible processes for SBA-approved lenders.