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Having a good understanding of the process and what lenders look for will make navigating the application process a lot easier. The first step that you will need to determine is what type of debt financing works best for your company. Traditional bank loans usually have the best rates and terms, but are harder to qualify for. Alternative lenders offer quicker financing with an easier application process, but with higher rates and tougher terms.

• Required Documents for Small Business Loan
• Evaluation Criteria to Prepare For
  • General Information
  • Business Information
  • Financial Information

What Documents Are Needed for a Small Business Loan

In recent years, the availability of loans from alternative lenders has made the application process much easier. Most alternative lenders have online applications that can be completed under an hour and do not require many documents. Traditional banks and credit unions, however, still require many business and personal documents for their extensive evaluation process (though some banks, such as Wells Fargo, have recently launched online loan applications).