Having your documents ready before applying can significantly speed up the business loan approval process. Here is a checklist of commonly required items.
Business Documents:
- Business plan (especially for startups or SBA loans)
- Business formation documents (Articles of Incorporation, Operating Agreement, or DBA)
- Employer Identification Number (EIN) verification
- Business licenses and permits
- Two to three years of business tax returns
- Year-to-date profit and loss statement
- Balance sheet
- Accounts receivable and payable aging reports
Personal Documents (for owners with 20%+ ownership):
- Valid government-issued photo ID
- Social Security Number
- Two years of personal tax returns
- Personal financial statement
Collateral Documentation (if applicable):
- Real estate appraisals or property descriptions
- Equipment lists and valuations
- Inventory reports
Tip: You can upload documents securely through MyRMO during the application process. Having everything prepared before your appointment minimizes delays. Schedule an appointment through MyRMO or by calling us to begin your application with an Expert.