Commercial Loan Pre-Application Checklist

Commercial Loan Application Requirements

To get funded for a loan or loan package, your lender will want a clear financial picture of you, your business and, if applicable, the business you want to buy. Use this commercial loan application checklist as a guide to the information you may need to have on hand. Our business loan experts will work closely with you to ensure you have exactly what you need to move through the application process efficiently and close your loan successfully.

Personal Information Needed for a Commercial Loan

• Driver’s license
• Borrower and/or guarantor profiles
• Senior management bios
• Financial statements
• Tax returns
• Bank/brokerage statements to verify liquid assets
• Personal credit history

Business Information Needed for a Commercial Loan

• Business plan
• Business incorporation/legal documents
• Schedule of owned real estate
• Verification of assets
• Business credit statement

Financial Information Needed for a Commercial Loan

• Financial/business bank statements
• Interim financial statement (current year)
• Tax returns
• Accounts receivable/payable reports
• Budget and/or cash flow projections
• Debt schedule for outstanding loans

Additional Commercial Loan Requirements by Loan Type

In addition to the general commercial loan application requirements listed above, you’ll likely need to gather information specific to the type of commercial loan you’re requesting. We’ve included some of the most commonly required business financing documents below. Your GCL commercial business loan partner will give you precise guidance based on the type of loan you’re requesting.

Commercial Real Estate Loans

Buy real estate, fund building improvements, or purchase the land, construction and materials required for a new build.

• Tri-party agreement
• Lease agreement(s)
• Rent roll and operating expenses
• Construction contract bid for leasehold improvements
• Schedule of assets (e.g., inventory, equipment, fixtures)

Term Loans & Lines of Credit

Secure capital at a fixed or variable interest rate that you can use immediately and pay back over time.

• Business license
• Business debt-to-income ratio
• Revenue-generating contracts
• Relevant construction bids
• Assets to be used as collateral

SBA Loans

Choose from the SBA portfolio of loans to start, grow or expand your business, or to recover from unforeseen events.

• Business and personal income tax returns
• Business and personal financial statements
• Business and personal budget analyses
• Business balance sheet
• Debt schedule for loans already secured
• Complete business plan

USDA Commercial Loans

Choose the right USDA loan to help you build your business, nonprofit organization or owner-operated farm/ranch.

• Business and personal income tax returns
• Business and personal financial statements
• Business and personal budget analyses
• Business balance sheet
• Debt schedule for loans already secured
• Complete business plan

Putting Together Your Commercial Loan Application

Choose the right USDA loan to help you build your business or nonprofit organization. The amount of paperwork and information you’re required to submit with your loan application can be broken down into three categories: personal information, business documentation and financial documentation. The best way to prepare for a small business loan application is to take a methodical approach to fulfilling the requirements, and to work with a lender who has expertise in your industry and the loan options available to you. Our business loan specialists will make sure you understand exactly what you need to meet the loan program requirements and will work with you to put together a complete loan application package.

1. Review Checklist

Get a good idea of the types of documents and information required for a commercial business loan.

2. Gather Official Documents

Gather financial and legal documents and, for those not on hand, request a copy from the appropriate organization.

3. Write Additional Documents

Create or update personal histories, business plans and profiles for the borrower and business principals.

4. Confirm Completeness

Work with your GCL commercial business loan partner to ensure all the loan requirements are met.