To avoid situations of fraud, the majority of lender that provide business loans will typically use your driver’s license in order to verify your identity during the application process.
Most alternative lenders as well as major banks that offer small business loans will almost always require your company bank statements. The lender will want to review your business bank account’s balance and recent transactions.
Tracks how funds flow into and out of a business, demonstrating how revenue from sales is converted to profit after all expenses are paid.
Personal Tax Returns
Shows how the business owner earns an income from their organization, as well as how their assets and liabilities are related to the business.
Business Tax Returns
Gives lenders a more in-depth understanding of how a business operates, including how it manages tax liabilities, asset depreciation and more. Some lenders that offer small business financing may ask for these documents to determine your credit worthiness.
A high-level look at everything of value associated with a business. The balance sheet usually breaks down the value of all assets (property, cash, accounts receivable), all liabilities (outstanding debt, bills, accounts payable) and the total equity in the business (derived from the difference between assets and liabilities and distributed among owners and shareholders, if applicable).