The documents needed to apply for a small business loan will vary depending on where you’re applying. If you’re looking for a small business loan from a bank, plan on a plethora of documents and paperwork required for your application. On average, a small business loan application with a bank takes about 29 hours to complete. In addition, it typically takes a bank several weeks to make a credit decision.
If you apply for a small business loan with Bankroll, you can expect a much more efficient process. For instance, completing your initial business profile, the only documentation you’ll need are your business account bank statements for the past few months. And rather than dig up those documents and upload them, you can simply link your bank account to further expedite the process.
Other information needed for your small business loan application includes your annual revenue, the industry your business operates in, company debt, and the reason for the loan. None of the information requested from us requires any documentation if you know your business well.
Once your small business loan application is complete and you have a general idea of the kinds of business loans and rates you qualify for, you’ll be assigned a dedicated loan specialist who will answer any questions and guide you through the funding process.
If you decide to proceed to transfer your funds, be prepared to submit a copy of your driver’s license and voided check from your business checking account. If you are applying for equipment financing, we will need a quote or invoice from the equipment seller.