Small business loan applications typically require a significant amount of information about the business and its owners. The specific questions asked may vary depending on the lender and the type of loan, but here are some common questions you can expect to encounter on a small business loan application:
Business information: This section will ask for basic information about your business, such as its legal name, address, phone number, email address, and website.
Business structure: You will need to specify the legal structure of your business, such as sole proprietorship, partnership, LLC, or corporation.
Purpose of the loan: You will need to describe why you need the loan and how the funds will be used to support your business.
Loan amount and terms: You will need to specify the amount of money you are requesting and the repayment terms you are seeking.
Business financial information: You will need to provide financial information about your business, such as revenue, expenses, and cash flow. This may include tax returns, profit and loss statements, and balance sheets.
Personal financial information: You may need to provide personal financial information, such as your personal credit score, income, and debt obligations.
Business history: You will need to describe your business history, including how long you have been in operation, the number of employees you have, and your business accomplishments.
Business plan: You may need to provide a business plan that outlines your goals, strategies, and operations.
Collateral: You may need to provide information about any collateral you are willing to put up to secure the loan.
Legal and regulatory compliance: You may need to provide information about any legal or regulatory requirements your business must comply with, such as licenses or permits.