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Business Loan Checklist

What is needed to apply for a business loan? Information and documentation.

Below is a sample checklist of what you may need to apply for a SBA 504, SBA 7(a) or other commercial loan. Potential lenders may use this information (or other checklists) to decide whether to lend to you -– and how much.

Seedcopa + SeedcoDE can work with you to gather the following:

Loan Application

The information requested in a commercial loan application varies depending on the type of loan and financial institution. Be prepared to provide:

  • Basic business and personal contact info (name, address, phone, e-mail)
  • Industry or nature of business
  • Employment Identification Number (EIN)
  • Years in business
  • Loan type (business expansion, equipment purchase, refinance)
  • Amount of loan

Personal Financial Statement

A personal financial statement is a snapshot of your financial position based on assets and liabilities. It lists:

  • Your personal assets and their worth
  • Your personal liabilities (what you owe) and their worth
  • Total of both assets and liabilities
  • Your net worth

Articles of Incorporation

When you started your business, you were required to file articles of incorporation with the Secretary of State’s office in your region to establish your business as a corporate entity. Also called a corporate charter, articles of association, or certificate of incorporation, the document contains:

  • Business name
  • Name and address of registered agent
  • Corporate structure
  • Names and addresses of board of directors
  • Name and address of incorporator
  • Duration of corporation

Operating Agreement

An operating agreement outlines the financial and functional processes of the business including rules, regulations and provisions. Pennsylvania and Delaware do not require operating agreements, but lenders will request one, and for LLCs, an operating agreement protects members from personal liability. An operating agreement requires the following.

  • Percentage of members’ ownership
  • Voting rights and responsibilities
  • Powers and duties of members and managers
  • Distribution of profits and losses
  • Buyout and buy/sell rules

Profit and Loss Statement

Also called a cash flow statement or income statement, this document lays out your revenue, costs and expenses over a period. Profit and loss statements require you to:

  • Calculate revenue
  • Calculate costs of goods sold
  • Subtract cost of goods sold from revenue to determine gross profit
  • Calculate operating expenses
  • Subtract operating expenses from gross profit to obtain operating profit
  • Add additional income to your operating profit
  • Calculate interest, taxes, depreciation and amortization
  • Subtract interest, taxes, depreciation and amortization expenses from EBITDA To obtain net profit

Balance Sheet

Put simply, a balance sheet is: liabilities + shareholder equity = assets. Balance sheets should be updated regularly to reflect the current financial state of a business.

Personal & Business Tax Returns

  • Three years of personal tax returns and applicable schedules like A,B,D and E
  • Three years of business tax returns and applicable schedules like C, SE and K-1.

Loan Collateral

If your credit score is low and you have business liabilities, you may need to offer collateral. This can improve your chances of qualifying for the loan, as well as improve the repayment requirements. Collateral may include business assets, real estate, cash or investments.




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For almost forty years, Seedcopa + SeedcoDE has helped businesses get the money they need to start, grow and expand. We are proud that the loan programs we work with promote economic development.

Together with economic development partners throughout Pennsylvania and Delaware, we help to grow local businesses, create and retain jobs and stimulate local communities.

Our team has over 75 years of combined government lending experience and a dedication to excellent customer service. After our initial assessment of your project, our commitment is to get you approved and closed.

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