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Be Prepared: 4 Important Items on Any Loan Processing Checklist

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Loan Processing Checklist: Are you searching for a small business loan? Finding the right loan for your business can take a lot of time and energy, so you should do what you can to make the process as simple as possible. 

Banks and other lenders are going to want plenty of information before they start processing your business loan application. That’s why we advise getting together all of your important documents long before you start shopping around. 

If you want to make finding your next loan simple, be sure to follow our loan processing checklist to ensure you’re ready to start seriously applying. 

Essential Identification 

Plenty of banks make background checks a requirement to get a loan. To make things easier for them, come to meetings prepared with a copy of your driver’s license or state-issued ID and social security card.

These documents will have information that’s needed to run various checks. Having copies of important documents that are ready to submit can cut down on processing time. 

Paystubs 

Are you securing a loan for a business you’ve had running for a while? If you want to give lenders solid proof of your income and current financial standing, we recommend showing checkstubs for your business

Checkstubs can provide easy proof of income and can give lenders a good idea of your cash flow. Getting together copies of checkstubs can also give you a unique opportunity to audit and submit duplicates to your accountant.

Tax Records 

Lenders are going to want as much financial information from you as possible before they make a decision. Tax records for your business can give them the financial insight they need, so be sure to bring copies of them to your appointment. 

Don’t feel like you need to bring the past decade of the returns you’ve filed. Usually, the last two years’ worth of tax returns is all they’ll need. If you haven’t filed taxes for your business in the past, bring your own tax records. 

Business Plan

Lenders are going to want to invest in businesses they’ll have good ROI in. If you want to show them that your business deserves a loan, be sure to bring a copy of your business plan with you. 

Your business plan can easily layout your overall plans for the business, projected growth, and additional insight into cashflow. 

Go Beyond Our Loan Processing Checklist 

Following a loan processing checklist can take a lot of guesswork out of the loan application process. As long as you show up to any loan appointment with the documents we listed in this post, you’ll be ahead of the game when you start seriously applying. 

Are you interested in learning more business tips? We have a lot of helpful content on our website. Be sure to browse our posts so you can find information on the topics that matter to you the most.

Read more on Forbes Magazine

 

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