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What Documents Should You Have When Applying for a Bank Loan?


Patrice Pash walks you through what business documents you will need when applying for a bank loan for your urgent care startup.


I'm Patrice. And today we're going to talk about what type of documents you should have prepared as you go for funding at your local bank.

Whether you're going for traditional line of credit or an SBA, or small business loan, you should be prepared to present the following documentation as you're working through the financial process.

The first thing to have prepared is a personal financial statement. Now, you're going to need this for all parties named on the loan. And basically, a personal financial statement is essentially a document prepared, usually by your accountant, that lists all of your personal financial assets, liabilities, your holdings. Could include things like any retirement investments, any properties, things of that nature.

If you don't know how to prepare one of these, generally speaking, your accountant will know and can put this together for you.

Now, the second documentation that you need have prepared are your tax returns. And generally speaking, most underwriters at the lending institution will require these for the past three years at minimum.

The third document that you want to have prepared is a business plan.

Now, if you've never written a business plan before, this can be a very difficult experience. A business plan is essentially a written document, usually very lengthy. Most business plans can be at least 30-plus pages long. And you want to sit down and think about what's going into this project that you're putting together. It's a plan about your business. It's going to ask things like what's the basic summary of what you plan to do? What type of marketing are you going to do? Who makes up your team? What advantages and disadvantages might you have? What sort of competition? And of course, it's going to include your financial projections.

And that brings us to one of the last pieces of information you need to prepare. And that is what we call a pro forma financial, or your financials.

These include things like your anticipated startup expenses, your cash flow statements, income projections, profit and loss statements, and balance sheets for at least three years. Although I will warn you, most banks like to see five.

So as you're moving forward and you're getting prepared to go for funding, again, whether it's for a traditional loan or an SBA loan, you'd be in your best interest to start putting these documents together.

I hope you find these helpful.

And join us next time when we talk about what to do if you don't have your loan prior to signing your lease.

We'll see you then.