When your business needs a loan, Greater Nevada Credit Union and Greater Commercial Lending, GNCU’s expert business lending subsidiary, offer several loan types to help drive your company forward. Below, you’ll find a business loan checklist to help you prepare for the application process.
Business Loan Checklist
What You’ll Need to Get Started
What to Know Before Applying for a Business Loan
Before applying for a small business loan, it’s important to determine your business needs, compare loan types, decide how much credit you need and prepare all required documentation ahead of time, such as pulling personal and business credit reports. Doing this will help make the process go as smoothly as possible.
What do You Need for a Business Loan?
Once you’ve determined what type of financing you need and understand your lending options, , gather all the pertinent information to help Greater Nevada determine whether your business will be approved for a loan, and for how much. The documentation is listed below for reference, but it’s always best to speak with a member of our Commercial Services team, as each loan is unique.
Generally, lenders require the following documentation to begin the application process:
- Profiles of all key business people, including business owners/guarantors and senior management.
- A current business plan, which should include products and services offered, a customer analysis, an industry analysis, details about supply chains where applicable, as well as projected finances and cash flow.
- Financial statements, including a balance sheet, income statement, cash flow details and 12 months of bank account statements.
- Personal and business credit reports. Note: it is important for you to know the contents of these reports prior to applying, as your lender will be pulling them to check for creditworthiness.
- One to two years of personal and business income tax returns.
- Business articles of incorporation, registration, and entity type documentation.
- Business licenses and permits required to run the business.
- Document verifying tax ID number (employer identification number (EIN),
- Social Security number (SSN), or individual taxpayer identification number (ITIN).
- List of business assets that can be used as collateral (as most business loans require collateral)
- Commercial leases in cases where your business has a physical location.
- Contracts with third parties and/or details of other existing loans and debts.
- Loan application history.
- List of accounts receivables and accounts payables.
Let Greater Nevada Drive Your Business Forward
Ready to apply? Work with Greater Nevada and Greater Commercial Lending to see if a loan is right for your organization.