Most business funding applications require recent business bank statements, a government-issued ID, and basic business information such as your EIN and formation documents. Beyond that, the exact list depends heavily on which type of funding you’re applying for — revenue-based products need far less paperwork than SBA or traditional bank financing.
Documents Needed for Revenue-Based Financing
- 3–6 months of recent business bank statements
- A voided check or bank information for funding and repayment setup
- A government-issued photo ID
- Basic business information — legal name, EIN, and time in business
Documents Needed for a Term Loan or Line of Credit
- Business bank statements, typically several months
- Business tax returns, often one to two years
- Personal tax returns, depending on the lender and loan size
- A profit and loss statement and balance sheet
- A current debt schedule listing existing obligations
Documents Needed for SBA Financing
- Two to three years of business and personal tax returns
- A personal financial statement
- A clear business plan or use-of-funds explanation
- A current debt schedule
- Collateral documentation, if applicable to the loan
Documents Needed for Equipment Financing
- An equipment quote or invoice from the seller
- Recent business bank statements
- Basic business information
- Down payment confirmation, if required by the lender
Tips for Speeding Up Document Collection
Having bank statements downloaded and ready, tax returns organized by year, and a clear one-paragraph explanation of how the funds will be used all help move an application forward faster, regardless of which funding type you’re pursuing.
Frequently Asked Questions
Do I need a business plan for every type of funding?
No. A formal business plan is more commonly required for SBA financing. Revenue-based products and equipment financing usually just need a brief explanation of how funds will be used.
What if my business is newer and doesn’t have two years of tax returns?
Revenue-based financing and equipment financing are often more accessible for newer businesses, since they rely more heavily on recent bank statements and processing history than multi-year tax history.
Can I apply before I have all my documents ready?
Many lenders will start a conversation and pre-qualification process with partial documentation, though a complete application typically moves faster once all the required paperwork is in hand.
Ready to See What You’ll Need?
Apply today and Apex Lending Partners can walk you through exactly which documents apply to your specific situation.