What do lenders evaluate and review when you apply for a business term loan?

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What do lenders evaluate and review when you apply for a business term loan?

Although each lender will request to review specific documents and information about your business, the following are items lenders normally assess when making a loan decision for a term-loan.

This is not an exhaustive list as each lender has different requirements, but it will get you started:

Secured Term Loan

Unsecured Term Loan

Businesses credit score

Businesses credit score

Business owner(s) personal credit scores

Business owner(s) personal credit scores

Time in business

Time in business

Collateral

Bank statements

Bank statements

 

Business Financials

  • Profit and loss
  • Balance sheet
  • Accounts receivable statement
  • Accounts payable statement
  • Debt scheduled
  • Tax Returns

Business Financials

  • Profit and loss
  • Balance sheet
  • Accounts receivable statement
  • Accounts payable statement
  • Debt scheduled
  • Tax Returns

Business description

EIN Number

EIN Number

Debt schedules

Debt schedules

Voided Check

Business plan

 

 

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