The U.s. Small Business Administration |

What You Need for a Small Business Loan | Fox Small Business Center

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Its critical you try to clear up any discrepancies before beginning the loan application process. Business Credit Report: If you are already in business, be prepared to submit a credit report for your company.It is important to review your business credit report before beginning the application process. A score of 650 or higher generally is considered a good score. If your business credit score is 600 or lower, you may have a difficult time securing financing from a traditional lender, such as a bank or credit union. There are tried and true ways to increase your business credit score if you have a poor history or perhaps no credit history at all.Clearing up past-due debts and opening business credit cards and paying the monthly balances in full and on time are steps in the right direction. Income Tax Returns: Most banks require applicants to submit personal income tax and business income tax returns for the previous three years. Providing business tax returns for a startup is difficult, of course. For new businesses, the personal return carries a lot of weight. Financial Statements: Banks typically look for profit and loss (P&L) documents, cash flow statements, and a balance sheet.
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