The business identity set
These prove the business is real, formed properly, and in good standing: the first thing any file must establish.
| Document | What it is | Why they ask |
|---|---|---|
| Articles of incorporation or organization | The filing that created the entity | Confirms the entity exists and who controls it |
| Operating or partnership agreement | Internal governance document | Shows ownership percentages and who must sign; drives guarantee requirements |
| EIN confirmation letter (CP 575) | IRS notice assigning the tax ID | Ties the entity to its tax filings |
| Good standing certificate | State-issued status certificate | Confirms no administrative dissolution or missed filings |
| Business licenses and permits | Industry or municipal licenses | Confirms the business may legally operate in its trade |
| Commercial leases | The business’s space and equipment leases | Shows fixed obligations that affect cash flow |
The business financial set
This is where underwriting actually happens. Every document answers the same question from a different angle: can operations carry the proposed payment?
| Document | What it is | Why they ask |
|---|---|---|
| Business tax returns, 2–3 years | Filed returns with all schedules | The verified history; the SBA cross-checks these against IRS transcripts |
| Year-to-date profit and loss | Interim income statement | Shows performance since the last filing |
| Balance sheet | Assets, liabilities and equity at a point in time | Shows what the business owns and owes today |
| AR / AP aging report | Who owes you, and whom you owe, by age | Reveals collection problems and payables pressure |
| Business debt schedule | Every note, line and lease with terms | The full obligation picture behind the coverage math |
| Bank statements, 3–6 months | Business account activity | Corroborates the financials and shows cash management |
The personal set
| Document | What it is | Why they ask |
|---|---|---|
| Personal financial statement (SBA Form 413) | Your assets, liabilities, income and contingencies | Shows the personal balance sheet behind a 20%-owner guarantee |
| Personal tax returns, 2–3 years | Filed 1040s with schedules | Verifies personal income and reveals distributions, losses and side obligations |
| Resume (startups and acquisitions especially) | Your professional history | Industry experience is underwriting evidence in young files |
| Personal bank statements (sometimes) | Recent personal account activity | Corroborates the 413 and, for startups, the injection source |
The deal set
| Document | What it is | Why they ask |
|---|---|---|
| Use-of-funds breakdown | Line-item list of what the loan buys | Confirms the purpose is eligible and the budget is real |
| Vendor quotes or invoices | Priced quotes for equipment or work | Turns the use of funds from a claim into evidence |
| Purchase agreement (acquisitions) | Signed deal to buy the business | Defines price, terms and any seller note; drives the injection math |
| Refinance loan documents | The note being replaced | Establishes the existing debt and the improvement case |
| Franchise agreement and FDD | The franchise contract and disclosure document | Confirms the franchise is SBA-eligible and shows required fees |
What startups should add
A young business cannot produce three years of returns, so the file leans on substitutes: a 12-month cash flow projection with an assumptions page a stranger could audit, owner resumes, and documented evidence of the equity injection, seasoned statements, a gift letter, or the source documents for contributed assets. The startups guide covers how lenders weigh these; the list here is what physically goes in the file.
Build the list for your situation
The tables above are the general case; your file will differ by program, purpose and years in business. The document checklist tool assembles the right subset in about a minute, with a note on each item explaining what it is, and prints cleanly for the folder you hand the lender.