Financial and Loan Documents You Need When Applying for SBA Loans

Imagine you’re living the life of your dreams, running your business. But you hit a roadblock and realize the only way past it is to get a small business loan.

Before you stress out and apply for funding, you should know what loan documents you need. Then, you can set your business up for a strong application to get the money to keep your business going.

Read on to learn what files you need to apply for an SBA loan.

Borrower Information Form

When getting a loan, you’ll need to fill out an SBA Form 1919, which is the borrower information form. The form helps lenders learn about the people requesting the business loan.

Anyone who owns at least 20 percent of the business must complete and submit the form. It doesn’t matter if your business is a sole proprietorship, partnership, or corporation.

You’ll need to submit this form to get an SBA 7(a) loan to help prove your financial status. That way, SBA lenders will know about your business and why you need a small business loan.

Personal Financial Statement

After completing the SBA Form 1919, you may need to complete a personal financial statement and a personal history form. The personal history form (SBA Form 912) asks about you and your criminal history.

SBA lenders may require it after receiving your borrower information form. That way, they can make sure that you’re trustworthy and able to handle the business loan.

Some lenders may also ask you to fill out SBA Form 413, which covers your personal finances. It covers your assets, liabilities, and where your income comes from.

Business Financial Statements

You’ll also need to provide a few business financial statements as part of your loan documents. These statements can help show SBA lenders that you’re able to repay the loan.

Make sure to include your year-end profit and loss statements for the last three years. You should also include the year-end balance sheet for the prior three years, and include a debt schedule.

To increase your chances of receiving an SBA loan, be sure to include financial projections for at least one year. Then, the lender will be able to see how you predict your business will do in the future.

Income Tax Returns

Next up in your list of loan documents is income tax returns for both yourself and your business. Your income tax returns can help show lenders your cash flow to make sure you’ll be able to repay the money.

Business tax returns can show lenders how much your business has made. Meanwhile, income tax returns can help verify your income from your business and other sources.

Those documents can help in getting a loan because it shows your financial history. If possible, include three years of each type of tax return to increase your chances of the lender approving your application.

Business License or Certificate

If applicable, you should include your business license or certificate with your loan documents. The license can help provide legitimacy to your company, which may help you get a loan.

Now, some businesses may not have a license, such as sole proprietors or general partnerships. In that case, you may be able to skip this step and focus on organizing other loan documents.

That way, you can still qualify for a loan, even without an official business license. But you’ll want to make sure your other loan documents don’t leave any room for a lender to reject you.

Business Formation Documents

Another thing that not all small businesses have is business formation documents. However, if you have them for your business, you should include a copy in your loan application.

Corporations can include the articles of incorporation, while partnerships may include their business agreements. The formation documents can make your business look better.

Of course, if you don’t have business formation documents because you’re a sole proprietor, you don’t have to include these. As with a lack of a business license, be sure the rest of your application is flawless.

Credit Reports

Two more loan documents to include with your application are your personal and business credit reports. While income tax returns and financial statements are great, they don’t tell the whole story.

Your credit report shows how well you handle debt from credit cards and other loans. Having a good credit score may increase your chances of getting a loan.

If you don’t have business credit, you can work to establish credit. For now, you can use your personal credit to help get a loan for your small business.

Make sure that you’re paying off all of your debts each month to increase your credit score. Not only will that help you qualify, but you may receive a lower interest rate.


Some SBA lenders may ask for your resume and the resumes of all other owners. Resumes can show your experience in business and your specific industry.

If your business is relatively new, your resume can show the lender that you have relevant experience. Make sure your resume is easy to read and includes information that highlights your business skills.

Then, your lender can see that you know what you’re doing. Even if your business hasn’t been operating for three years, your resume could be enough to help you qualify for a small business loan.

Business Plan

Your business plan covers how you plan to grow your company, from marketing to finances. Including a copy of your business plan with your other loan documents is an excellent choice.

The lender will be able to review your plan regarding how you’ll make money. That way, they can estimate how quickly you’ll be able to pay the loan back.

A business plan doesn’t have to be super long, but it should be easy for someone else to read. Plus, you can use the business plan for future loans and investments.

What Loan Documents Do You Have?

Organizing your loan documents ahead of time is crucial to having a successful loan application. From financial statements to resumes, your files can help improve your chances of receiving the money you need.

Then, you’ll be able to use the funds to help grow your business. And your lender will trust that you will pay the money back when it’s due.

Are you ready to apply for an SBA loan? Find a lender today.