What banks or other lending institutions will typically require from you depends on your business needs. Use this chart to know what to expect:

To Start up a New Business:

1. Complete and thorough Business Plan.
2. Financial projections of profit and loss statements, balance sheets, and cash flows for 3-5 years.
3. Complete personal tax returns and personal financial statements from each principle owner.
4. Break down of sources and uses of funds.
5. Written statement of source of down payment or collateral requirements.

To Buy an Existing Business:

1. Letter describing the details of the business, noting agreement between seller and closing dates.
2. Complete business tax returns or Schedule C’s from seller for past 3 fiscal years.
3. Complete personal tax returns and personal financial statements from each principle owner.
4. Breakdown of all business assets and approximate value.
5. List of any business debt being transferred with the business acquisition.
6. Written statement of source of down payment or collateral requirements.
7. YTD financial statements, tax returns, and debts of any other businesses you own.