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Year) Income Tax Returns including Schedule C: Business Profit & Loss (last 3 years) Business License Description of Collateral (Lot description, Purchase Order, Lease Agreement, etc.) Rent Rolls (if secured by rental property) Schedule of Debts (Attached) Corporation Application Corporate documents (Certificate of Incorporation, Articles of Incorporation, By-laws) Business Financial Statement: Income Statement & Balance Sheet (last 3 years) Interim Financial Statements up to the most recent q.

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This article will explain seven of the most common reasons to get a business loan. To Start a Business. ... To Expand a Business. ... To Buy Equipment or Inventory. ... To Pay Off Debt. ... To Finance a Business Acquisition. ... To Fund a Marketing Campaign. ... To Cover Unexpected Expenses.

Prepare your documents. Good financial records become especially important when applying for a business loan. Your bookkeeping and accounting processes should include tracking your assets, revenue, debt, and expenses. For a business loan, you'll need to provide proof of cash flow and accurate financial projections.

Credit scores, annual revenue, business plan and collateral are the four cornerstones of most business loan applications. But note that there are many other supporting documents you'll need to qualify for a business loan. They can include: your driver's license.

A lender will want to confirm you have enough cash flow to manage a new loan payment. Even if your business is profitable, it doesn't mean you can handle more debt. A lender will consider your debt-to-asset ratio when you apply. This tells lenders how much of your revenue is paid towards your current debts.

A commercial loan may be extended to a business to help with their short-term funding needs. These loans typically require the business to post collateral, which may be in the form of property, equipment, or inventory that the bank can seize from them should they default on the loan or go into bankruptcy.

Key Takeaways. A commercial loan is done between a bank and a business, used to fund operating costs and capital expenditures. Many commercial loans require collateral, such as property or equipment. Companies generally have to provide financial statements to prove their ability to repay.

Still, a higher credit score of 700 or above generally means you'll be eligible for funding with more attractive terms. And while it's possible to get a business loan with a credit score as low as 500, a lower credit score could make it more challenging to qualify for a business loan.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232