Some people wanting a small loan for business believe that getting a loan consists of needing the loan, applying for one and receiving it. Unfortunately that’s not even half the process.

Applying for a small business loan can be pretty intricate. There are many verifications and reassurances that banks need before agreeing to loan money for your business venture. So if you’re planning to apply for a small business loan please be prepared to provide quite a bit of documentation.

Business and personal records

You’ll have to prove your loan request is genuine  – that you’re not going to just run away with the money. You must also demonstrate an ability to repay the loan. Banks learn a great deal about your likelihood of making repayment by reviewing your financial records. Continue reading →