Supercharge your productivity with Business Loan Documents

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Commonly Asked Questions about Business Loan Documents

However, for most self-employed individuals and small business owners, relying solely on an EIN for a loan isnt typically an option. Lenders will consider your EIN as a factor in the lending decision, but theyll also look at other factors, such as your personal credit score and business credit history.
While sole proprietors can get an EIN, theyre typically not eligible for small business credit cards using only their EIN. If you have a large, established business, you can usually get a corporate card without using an individual SSN or an EIN.
The financial and legal documents you may need for a small-business loan include: Personal and business income tax returns. Financial documents, such as profit and loss statements, balance sheets and cash flow statements. Personal and business bank statements.
Financial documents Up to one year of business bank account statements. Personal and business tax returns from the most recent three years. Most recent and projected balance sheets. Income statement and cash flow statement. List of current accounts receivable. Schedule of business debts.
Separate your business and personal finances If you dont have an EIN, youll have to provide your Social Security number or Individual Taxpayer Identification to clients or vendors you do business with.
Collateral Documentation Personal residential and/or investment real estate. Filed tax returns. Balance sheet. Year-to-date profit and loss statement. SBA Form 1919 (Borrower Information Form) SBA Form 413 (Personal Finance Statement) Agreement to purchase the business.
Does a small company that operates as a sole proprietorship need an employer identification number (EIN)? A sole proprietor without employees who isnt required to file any excise tax return and hasnt established a pension, profit-sharing, or retirement plan doesnt need an EIN (but can get one).
Lenders will consider your EIN as a factor in the lending decision, but theyll also look at other factors, such as your personal credit score and business credit history. Its important to note that if youre using only an EIN, it may take some time to establish a solid business credit history.