Complete checklist of SBA loan requirements, documents, and eligibility criteria. Download our free checklist and prepare your application with confidence.
Before gathering documents, ensure your business meets these basic SBA loan eligibility requirements.
All business owners with 20% or greater ownership must provide these personal documents.
Recent credit report from all three bureaus
Complete assets, liabilities, and net worth
Form 1040 with all schedules and W-2s
All personal checking and savings accounts
Relevant industry and management experience
Current business license and industry permits
Official formation documents from state
Internal governance documents
IRS confirmation of Employer ID Number
Current certificate from Secretary of State
Comprehensive financial documentation demonstrating business performance and cash flow.
Monthly or quarterly P&L statements
Assets, liabilities, and equity positions
Cash inflows and outflows
Form 1120, 1120S, or 1065 with all schedules
Current year P&L and balance sheet
All business checking and savings accounts
Dun & Bradstreet, Experian, or Equifax
Outstanding customer invoices
Outstanding vendor bills
All existing business and personal debts
Situation-specific documents that may be required based on your loan purpose and business type.
Strategic planning documents
25-40 page comprehensive business plan
Revenue, expense, and cash flow forecasts
Detailed breakdown of how loan will be used
Industry research and competitive analysis
Property and asset documentation
If buying property with loan proceeds
Professional appraisal for real estate collateral
For equipment financing purchases
Current business location lease
Additional requirements for specific scenarios
If purchasing or operating a franchise
If buying an existing business
Phase I environmental for certain properties
If using professional management companies
Follow this timeline to efficiently prepare your SBA loan application in 6-8 weeks.
Expert tips to increase your SBA loan approval chances and speed up the process.
Create a systematic filing system that matches lender requirements
Incomplete applications cause delays and may lead to rejection
Explain any unusual circumstances or credit issues upfront
Verify all numbers match across different documents
Use consistent formatting and high-quality document copies
Choose lenders experienced with SBA loan processing
Get our comprehensive PDF checklist with all requirements, document templates, and preparation timeline.
Essential documents include: personal/business tax returns (3 years), personal financial statement, business financial statements, business plan, use of funds statement, and personal/business credit reports. Additional documents may be required based on loan amount and purpose.
Generally 3 years of business financial statements and tax returns. For newer businesses (under 3 years), provide all available historical data plus detailed projections for the remaining period.
Collateral is required when available. The SBA typically requires collateral equal to the loan amount, but this doesn't disqualify you if insufficient collateral exists. Personal guarantees are required from owners with 20%+ ownership.
Yes, most SBA lenders accept electronic documents. However, some may require original copies of certain documents. Check with your specific lender for their document submission preferences.
Don't submit an incomplete application. Missing documents cause delays and may hurt your approval chances. Work with your lender to obtain all required documents before submitting.
Use our tools to check eligibility and calculate your potential loan amount before gathering documents.