What documents do I need to apply for small business funding?
The core document set for most small business financing applications is: 3–6 months of business bank statements, 2 years of business tax returns (or all years in business if under 2), a government-issued ID, and basic business formation documents. SBA loans and larger term loans require additional documentation — financials, business plan, and more.
In the companion video above, Brian walks through the steps to start a business — entity formation, EIN, business bank account. If you're starting or have recently started a business and thinking about future financing, what you do at formation directly affects how smooth a loan application will be later. Getting your documentation house in order from day one is the single highest-leverage move.
Universal documents (required by almost all lenders)
- Business bank statements: Most lenders want 3 months minimum; many want 6 months. They're looking for consistent monthly deposits, positive average balances, and no NSF (non-sufficient funds) activity.
- Business tax returns: 2 years for most conventional and SBA lenders. If your business is under 2 years old, provide whatever you have — plus personal returns.
- Government-issued photo ID: Driver's license or passport for all owners with 20%+ ownership.
- Voided business check: Proves the bank account and routing number for funding disbursement.
Additional documents for term loans and lines of credit
- Business formation documents: Articles of incorporation or organization, operating agreement, EIN confirmation letter (IRS SS-4).
- Personal tax returns: 1–2 years of personal 1040s for all major owners.
- Personal financial statement: A balance sheet of personal assets and liabilities — standard for SBA loans.
- Year-to-date profit and loss statement (P&L): Often required alongside tax returns for the current in-progress year.
- Business plan (for startups or SBA): Required for SBA loans when the business is under 2 years old, or for amounts where the lender needs to evaluate growth assumptions.
SBA-specific additions
- SBA borrower information form (Form 1919): Every 7(a) loan requires this form for all owners with 20%+ stake.
- Collateral schedule: List of business and personal assets available to pledge — SBA requires collateral to the extent it exists.
- Existing debt schedule: A list of all current business debt — lenders, balances, monthly payments.
- Business lease or ownership docs: For 7(a) loans, lenders need to verify your operating premises.
For Revenue-Based Financing (MCA) — the shortest list
Revenue-Based Financing typically requires the shortest documentation: 3–6 months of business bank statements, ID, and basic business information (name, EIN, address). No tax returns are required by many RBF providers. The trade-off: the cost of capital is higher than a term loan or SBA product.
Common reasons applications get delayed
- Bank statements that show mostly personal deposits (commingled personal/business accounts).
- Tax returns with large unexplained losses or significant discrepancies from bank deposits.
- Missing signatures or dates on formation documents.
- Amended tax returns without explanation.
- Outstanding tax liens or IRS balance owed — not always disqualifying but requires documentation.
What lenders actually require
- SBA Form 1919 (Borrower Information Form) is required for all SBA 7(a) loans for every person owning 20% or more of the applicant business entity. — SBA Form 1919
- According to the 2023 Federal Reserve Small Business Credit Survey, the most commonly required documents when businesses applied for credit were: bank statements (67%), tax returns (43%), and personal financial statements (38%). — Federal Reserve Small Business Credit Survey 2023
Key takeaways
- Core documents for almost all business loan applications: 3–6 months business bank statements, 2 years business tax returns, government-issued ID, and voided business check.
- SBA 7(a) loans require additional documents: Form 1919, personal financial statement, collateral schedule, and existing debt schedule.
- Revenue-Based Financing has the shortest list: bank statements + ID only.
- Commingled personal and business bank accounts are the most common cause of application delays — open a dedicated business account from day one.
- Getting documents organized before starting an application cuts the timeline significantly.
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