Investment Information: Lenders want to know how much money the owners are putting into the company. If you are unwilling to invest much of your own money into it, investors will be wary about doing so. Provide an estimate of sales, revenues, and what type of return investors can expect. Appendices: Any research you have conducted, charts, graphs, logos, and other images. Personal Credit Report: Your lender will obtain your personal credit report as part of the application process. However, you should obtain a credit report from all three major consumer credit rating agencies before submitting a loan application to the lender. Inaccuracies and blemishes on your credit report can hurt your chances of getting a small business loan approved. 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.
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